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| Southeast Asia |
| Malaysian State Terminates $10.5B China-Backed Harbor Project |
| 2020-11-23 |
Another blow to the Chinese reputation. [BenarNews] The Malaysian state of Malacca has terminated a $10.5 billion Chinese-supported harbor development project because the developer had failed to complete the job on time, a statement from the chief minister’s office said.The Malaysian company, KAJ Development Sdn. Bhd., which was backed by state-owned PowerChina, immediately has to return the 609-acre site where it had agreed to build economic parks and tourist attractions on artificially constructed islands. The statement from the chief minister’s office noted that the Melaka Gateway project agreement, which was signed on Oct. 4, 2017, expired at the end of three years on Oct. 3. |
| Posted by:trailing wife |