11 projects that show China’s influence over Malaysia – and could influence its election
Malaysia’s rail and port projects are to receive 400 billion ringgit worth of Chinese investments over the next two decades
Malaysia’s slew of Chinese-led infrastructure and real estate projects is in the spotlight as speculation mounts that Prime Minister Najib Razak will call a snap general election. Observers say heavy Chinese involvement in the economy could be a key issue of contention during campaigning. The government says the Chinese funds are essential to drive growth, upgrade ageing public infrastructure and create jobs for Malaysians. The opposition – led by Najib’s mentor-turned-nemesis Mahathir Mohamad – claim the premier is carving out the economy to China for short-term political gain. The country’s pipeline of rail and port projects are expected to receive 400 billion ringgit (HK$728 billion) worth of Chinese investments over the next two decades, according to Citi Research.
FOREST CITY (US$100 billion)
The mixed development project by Country Garden Holdings is the biggest overseas project by a Chinese property developer. Forty-two per cent of equity is held by Malaysian shareholders including Ibrahim Ismail, the monarch of Johor.
EAST COAST RAIL LINE (US$13 billion)
The 600km rail link will be owned and managed by Malaysia, but China Communications Construction Company will finance and build it. The Export-Import Bank of China will also provide soft loans.
Expected completion date: 2024