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Thursday, 4 May 2017

Malaysia's $1.7 bln property deal to cut 1MDB debt falls through

Malaysia's $1.7 bln property deal to cut 1MDB debt falls through:

"A $1.7 billion property deal that was expected to ease the debt burden of Malaysian state fund 1Malaysia Development Berhad (1MDB) fell through on Wednesday, complicating Prime Minister Najib Razak's efforts to move on from a financial scandal surrounding the fund.

TRX City Sdn Berhad, a former 1MDB division now owned by the Malaysian finance ministry, said the deal had lapsed to sell 60 percent of Bandar Malaysia, a major property development project on the site of the former Sungai Besi air force base in Kuala Lumpur, because the buyers "failed to meet the payment obligations".

In December 2015 Iskandar Waterfront Holdings, owned by Malaysian tycoon Lim Kang Hoo, and China Railway Engineering Corp (CREC) had said they would buy a 60 percent stake in Bandar Malaysia from 1MDB for 7.41 billion ringgit ($1.7 billion)."



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