Malaysia's 1MDB to sell property project stake to China-Malaysia group

Malaysia's troubled state fund 1MDB has agreed to sell its majority stake in a high-profile property development project to a consortium including China's state-owned China Railway Engineering Corporation (CREC), according to a copy of the contract seen by Reuters on Thursday. 

PHOTO: REUTERS

DEC 31, 20159:53 AM

[KUALA LUMPUR] Malaysia's troubled state fund 1MDB has agreed to sell its majority stake in a high-profile property development project to a consortium including China's state-owned China Railway Engineering Corporation (CREC), according to a copy of the contract seen by Reuters on Thursday.

Malaysia's Iskandar Waterfront Holdings is in the consortium with CREC, according to the document. Debt-laden 1MDB is selling its 60 per cent holding in Bandar Malaysia Berhad, which is developing a 486-acre air force base in Kuala Lumpur into the city's public transport hub.

1MDB is scheduled to announce the sale later on Thursday.

REUTERS