Malaysia cancels US$10.5 billion sea reclamation involving China
MALAYSIA has cancelled a US$10
MALAYSIA has cancelled a US$10.5 billion sea reclamation project with a local developer who partnered with three Chinese companies, reports Beijing's Caixin financial news site.
The project included the building of a mixed harbour development, including three man-made islands the strategic Malacca Strait.
The cancellation occurred because of the expiration of the agreement, which began in 2017, but expired on October 3. The local developer KAJ Development reportedly failed to complete the project, prompting the termination.
The project was expected to be completed by 2025 and include a 609-acre infrastructure project, referred to as Melaka Gateway. Details of the gateway included port facilities, industrial parks, tourism, and entertainment sites.