China’s richest man to come to the rescue of Bandar Malaysia

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Dalian Wanda Group Chairman Wang Jianlin

Dalian Wanda Group, China’s largest real estate conglomerate owned by the nation’s wealthiest man, Wang Jianlin, could be one new investor for Kuala Lumpur’s mega-property development Bandar Malaysia after a deal with a Chinese-backed consortium went sour two weeks ago.

Malaysia Prime Minister Najib Razak, who was in Beijing on May 13 to attend the “One Belt One Road Forum” on China”s new economic corridor across Asia, held talks with Wang Jianlin and later said that the Wanda chairman has expressed “desire to participate” in the Bandar Malaysia development. Chinese media reported that Wanda Group could probably invest $10 billion in the project, but no concrete agreement has been reached yet.

“We have not gone into details and there is no agreement as yet, but this is to indicate their desire and our willingness to discuss with them,” Najib said, adding that Wanda Group had “confidence in the investment environment of Malaysia and its future prospects” and an investment in Bandar Malaysia and that the investment would be a “win-win situation for both sides.”

“Hopefully we can come to a favourable conclusion based on mutually acceptable terms and conditions,” he said, noting that the structure of the equity stakes in the Bandar Malaysia development would be changed and the participants would not be just Dalian Wanda Group alone, naming Greenland Group, another large Chinese property conglomerate, as another potential investor. The collapsed deal with China Rail Engineering Corporation could also be revisited and the group’s position “taken into account.”

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Reading Time: 1 minute

Dalian Wanda Group Chairman Wang Jianlin

Dalian Wanda Group, China’s largest real estate conglomerate owned by the nation’s wealthiest man, Wang Jianlin, could be one new investor for Kuala Lumpur’s mega-property development Bandar Malaysia after a deal with a Chinese-backed consortium went sour two weeks ago.

Reading Time: 1 minute

Dalian Wanda Group Chairman Wang Jianlin

Dalian Wanda Group, China’s largest real estate conglomerate owned by the nation’s wealthiest man, Wang Jianlin, could be one new investor for Kuala Lumpur’s mega-property development Bandar Malaysia after a deal with a Chinese-backed consortium went sour two weeks ago.

Malaysia Prime Minister Najib Razak, who was in Beijing on May 13 to attend the “One Belt One Road Forum” on China”s new economic corridor across Asia, held talks with Wang Jianlin and later said that the Wanda chairman has expressed “desire to participate” in the Bandar Malaysia development. Chinese media reported that Wanda Group could probably invest $10 billion in the project, but no concrete agreement has been reached yet.

“We have not gone into details and there is no agreement as yet, but this is to indicate their desire and our willingness to discuss with them,” Najib said, adding that Wanda Group had “confidence in the investment environment of Malaysia and its future prospects” and an investment in Bandar Malaysia and that the investment would be a “win-win situation for both sides.”

“Hopefully we can come to a favourable conclusion based on mutually acceptable terms and conditions,” he said, noting that the structure of the equity stakes in the Bandar Malaysia development would be changed and the participants would not be just Dalian Wanda Group alone, naming Greenland Group, another large Chinese property conglomerate, as another potential investor. The collapsed deal with China Rail Engineering Corporation could also be revisited and the group’s position “taken into account.”

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