China Railway Engineering Corporation to invest in Bandar Malaysia

[TaiShang]

Chinese company to invest in Bandar Malaysia
Xinhua, January 1, 2016

China Railway Engineering Corporation (CREC) on Thursday signed an agreement to invest in Bandar Malaysia, a strategic location that will be the future transport hub of the Malaysian capital of Kuala Lumpur.

CREC entered a Purchase Agreement with its local partner to buy 60 percent equity in Bandar Malaysia from state investment firm 1MDB for 7.41 billion Ringgit ($1.72 billion). The company will own 24 present of the project equity after the deal.

Statically located about 7 km from the Kuala Lumpur city center, Bandar Malaysia will serve as the terminal of the proposed high speed railway between the Malaysian capital and Singapore.

It will also serve as the central transport hub of the city, linking other rail lines and new highways.

Yao Guiqing, CREC's General Manager, said in a statement that the participation of CREC as a Consortium partner is due to its confidence in the Malaysian economy, the strength of leadership, the high quality of legal and regulatory environment, as well as the unique nature of Bandar Malaysia and as a strategic development project for the government of Malaysia.

"CREC views our investment in Malaysia as a key part of our global portfolio. In particular, we have global expertise in master planning and construction of transport-oriented developments. We look forward to transferring technology, knowledge sharing and working closely with our Malaysian partners to make the Bandar Malaysia development a world class destination to be proud of."

CREC is one of the world's largest engineering and construction firms, and also has businesses, amongst others, in industrial manufacturing, real estate development, and resources and mineral products. It is currently ranks 71 in the Fortune 500, with a turnover exceeding 100 billion U.S. dollars per annum.

@powastick , @AndrewJin

 

[powastick]

It is a bailout,1MDB is a financially distress government link company under the helm of Najib Razak our Prime Minister.. Looks like China is getting the Singapore to Kuala Lumpur HSR. Prior to this China Nuclear Corporation bought out all 1MDB power assets.

 

[70U63]

We are fxck to have incompetent government and opposition.
Is Rafizi insinuating that the Chinese bribed Najib? (UPDATED with BM Translation) | Malaysia Today

It is a bailout,1MDB is a financially distress government link company under the helm of Najib Razak our Prime Minister.. Looks like China is getting the Singapore to Kuala Lumpur HSR. Prior to this China Nuclear Corporation bought out all 1MDB power assets.

 

[zeronet]

It is a bailout,1MDB is a financially distress government link company under the helm of Najib Razak our Prime Minister.. Looks like China is getting the Singapore to Kuala Lumpur HSR. Prior to this China Nuclear Corporation bought out all 1MDB power assets.

China is about to get this HSR deal with a very high probability. Chinese manufacturers now take about 80% of Malaysia rail systems market share, and most of them are Malaysia locally produced. That's a huge advantage for the future HSR bid.

 

[AndrewJin]

China is about to get this HSR deal with a very high probability. Chinese manufacturers now take about 80% of Malaysia rail systems market share, and most of them are Malaysia locally produced. That's a huge advantage for the future HSR bid.

There is a factory in Ipoh. I hope it can produce bullet trains soon, now mostly metro cars and low-speed EMUs.

 

[ahojunk]

It is a bailout,1MDB is a financially distress government link company under the helm of Najib Razak our Prime Minister.. Looks like China is getting the Singapore to Kuala Lumpur HSR. Prior to this China Nuclear Corporation bought out all 1MDB power assets.

Malaysia has a racist government where it discriminate its minorities; the ethnic Chinese and Indians.

The Malaysian government is also very corrupt and incompetent.

In 1965, when Singapore was kicked out of Malaysia, both of them are at the same stage of development.

Today, tiny Singapore (without any natural resources) is a first world country while Malaysia (with plenty of natural resources) is languishing in the doldrums.

This is indeed an indictment of the corrupt and incompetent Malaysian government.

Malaysia's development is severely hampered as it is not making full use of all its human resources.

 

[powastick]

Malaysia has a racist government where it discriminate its minorities; the ethnic Chinese and Indians.

The Malaysian government is also very corrupt and incompetent.

In 1965, when Singapore was kicked out of Malaysia, both of them are at the same stage of development.

Today, tiny Singapore (without any natural resources) is a first world country while Malaysia (with plenty of natural resources) is languishing in the doldrums.

This is indeed an indictment of the corrupt and incompetent Malaysian government.

Malaysia's development is severely hampered as it is not making full use of all its human resources.

Rumors is Malaysian government is unable to save 1MDB due to lack of funds therefore needed to sell those assets rapidly. Those power plants were sold to China at the overvalued price which 1MDB bought including kickbacks. Another unusual thing about 1MDB, despite bearing the name "One Malaysia", one of its purpose is to take over "non-Malay" strategic assets. It went well until ringgit crash hard and you need to pay back loans in USD.