Chinese companies join consortium to buy 60% stake in Malaysia city project
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Xinhua News Agency, KUALA LUMPUR, December 17-(reporters Lin Hao and Wang Dawei) the joint venture formed by China Railway Engineering (Malaysia) Co. , Ltd. , a wholly-owned subsidiary of China Railway Corporation, on the 17th, he signed an agreement with Trx City, a subsidiary of the Malaysian Ministry of Finance, to acquire a 60% stake in the "Malaysian City" project. Speaking at the signing ceremony, Malaysian Prime Minister Mahathir Mohamad said the Malaysia City project is proof that Malaysia and China are working together to promote cooperation that benefits both peoples and that mutually beneficial relations between Malaysia and China are strengthening. The Chinese Ambassador to Malaysia, Bai Tian, said that the "Malaysia city" project could inject a strong impetus into china-malaysia cooperation in the future, and he looked forward to the project becoming a new platform for china-malaysia cooperation and a bridge connecting Malaysia with the world. According to reports, China Railway Engineering (Malaysia) Co. , Ltd. and Malaysia's local partner in accordance with the Sea Holdings Limited joint venture to participate in the transaction. With a total contract price of 12.35 billion ringgit (US $2.981 billion) , the project covers an area of nearly 2 million square meters and is the only ultra-large urban complex in the central district of the Malaysian capital Kuala Lumpur. The project is to build an international financial center, high-tech Industrial Park, business and Exhibition Center, Tourism Landmarks and Cultural Exchange Center. Chen Yun, president of China Railway, said that China Railway, as a developer, will seize the development opportunities in Kuala Lumpur and strive to build the Malaysia city project into a platform for strategic cooperation and innovation exchange between China and Malaysia.
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