After the collapse of the Bandar Malaysia deal, there are further signs of complications in attempts to secure investments from China, especially in Malaysia's two new mega-port projects.
According to Singapore's Straits Times, the Carey Island project, valued at RM100 billion, was supposed to involve Chinese partners.
Instead, Prime Minister Najib Abdul Razak brokered a deal a month ago with Indian firm Adani Ports and Special Economic Zone Ltd as MMC Corp's partners.
The report, quoting sources, claimed that MMC Corp had initially wanted to partner China Merchants Group (CMG), but found their terms too demanding.
"MMC can't afford to finance the project on its own. But CMG doesn't just want to be a bankroller," said the source, according to Straits Times.
The goal for the Carey Island project, scheduled for completion in 2025, is to handle 30 million TEUs (twenty-foot equivalent unit) of container cargo, matching what the Port of Singapore can handle at present.
China also appears to be increasingly non-committal in the nearby deep water port project, near the Melaka Gateway project.
According to Straits Times, industry players and government officials are doubtful that the project would take off as Chinese firms are still evaluating the potential returns.
"In three years, they've invited ministers including the premier to several launches and signings, but are still short of a legally binding agreement," a government source told Straits Times.
The RM43 billion Malaka Gateway project is led by little known KAJ Development and would involve tourism, commercial, property and maritime developments.- Mkini
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