KUALA LUMPUR, DECEMBER 17 (XINHUA) -- A JOINT VENTURE FORMED BY CHINA RAILWAY ENGINEERING (MALAYSIA) CO., LTD., A WHOLLY-OWNED SUBSIDIARY OF CHINA RAILWAY GROUP LIMITED, SIGNED AN AGREEMENT WITH TRX CITY, A SUBSIDIARY OF THE MALAYSIAN MINISTRY OF FINANCE, ON THE 17TH TO ACQUIRE 60% EQUITY OF THE "MALAYSIA CITY" PROJECT.MALAYSIAN PRIME MINISTER MAHATHIR SAID IN HIS SPEECH AT THE SIGNING CEREMONY ON THE SAME DAY THAT THE "MALAYSIA CITY" PROJECT PROVED THAT MALAYSIA AND CHINA ARE WORKING TOGETHER TO PROMOTE COOPERATION THAT BENEFITS THE TWO PEOPLES, AND THE MUTUALLY BENEFICIAL RELATIONSHIP BETWEEN MALAYSIA AND CHINA IS CONSTANTLY STRENGTHENING.THE CHINESE AMBASSADOR TO MALAYSIA STATED DURING THE DAY THAT THE "MALAYSIA CITY" PROJECT CAN INJECT STRONG MOMENTUM INTO FUTURE COOPERATION BETWEEN CHINA AND MALAYSIA, AND HOPES THAT THE PROJECT WILL BECOME A NEW PLATFORM FOR CHINA MALAYSIA COOPERATION AND A BRIDGE CONNECTING MALAYSIA WITH THE WORLD.IT IS REPORTED THAT A JOINT VENTURE BETWEEN CHINA RAILWAY ENGINEERING (MALAYSIA) LIMITED AND LOCAL MALAYSIAN PARTNER YIHAI HOLDINGS LIMITED PARTICIPATED IN THIS TRANSACTION. THE "MALAYSIA CITY" PROJECT COVERS AN AREA OF NEARLY 2 MILLION SQUARE METERS AND HAS A TOTAL CONTRACT PRICE OF 12.35 BILLION RINGGIT (APPROXIMATELY 2.981 BILLION US DOLLARS). IT IS THE ONLY LARGE-SCALE URBAN COMPLEX PROJECT IN THE CENTRAL AREA OF KUALA LUMPUR, THE CAPITAL OF MALAYSIA. THE PROJECT PLANS TO BUILD AN INTERNATIONAL FINANCIAL CENTER, A HIGH-TECH INDUSTRIAL PARK, A COMMERCIAL AND EXHIBITION CENTER, A TOURIST LANDMARK, AND A CULTURAL EXCHANGE CENTER.CHEN YUN, PRESIDENT OF CHINA RAILWAY GROUP, STATED THAT AS A DEVELOPER AND BUILDER, CHINA RAILWAY GROUP WILL SEIZE THE DEVELOPMENT OPPORTUNITIES IN KUALA LUMPUR AND STRIVE TO BUILD THE "MALAYSIA CITY" PROJECT INTO A STRATEGIC COOPERATION PLATFORM AND INNOVATION EXCHANGE PLATFORM BETWEEN CHINA AND MALAYSIA.