KUALA LUMPUR -- A consortium involving state-owned China Railway Engineering Corp has been restored as the master developer of a major project in the heart of Kuala Lumpur, in what will be the biggest Chinese investment in Malaysia to date.
The 486-acre Bandar Malaysia project, which has a gross development value of about $33.8 billion, will be 60% owned by a consortium of CREC and its local partner Iskandar Waterfront Holdings. The Chinese company controls 40% of the consortium, giving it an effective stake of 24% in the overall project. The remaining 40% of the project is owned by Malaysia's ministry of finance.
