( May 4, 2017, 08:30 GMT | Insight) -- Malaysian Ministry of Finance-owned Tun Razak Exchange City said that it has terminated the sale of its 60 percent stake in Bandar Malaysia, a signature residential commercial real estate project, to IWH CREC, a joint venture between developer Iskandar Waterfront Holdings and China Railway Engineering, Malaysia Kini and Edge Markets reported.Malaysian Ministry of Finance-owned Tun Razak Exchange City said that it has terminated the sale of its 60 percent stake in Bandar Malaysia, a signature residential commercial real estate project, to IWH CREC, a joint venture between developer Iskandar Waterfront Holdings and China Railway Engineering, Malaysia Kini and Edge Markets reported. TRX said yesterday that IWH CREC failed to meet the payment obligations, which resulted in the cancelation of the share sale agreement it entered into on Dec. 31, 2015, Edge wrote. Responding to the announcement, IWH CREC said it is reviewing the content of the termination notice with its advisors and legal counsel, Malaysia Kini reported. Bandar Malaysia was originally a project being developed by scandal-plagued 1Malaysia Development Berhad, or 1MDB....
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