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Malaysia's IGB delays $555 mln China hotel project -report

Wed Feb 11, 2009 7:18pm EST

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KUALA LUMPUR, Feb 12 (Reuters) - Malaysian property developer IGB Corp (IGBS.KL) has deferred a 2 billion ringgit ($555 million) hotel project in China due to uncertain economic conditions, the Business Times newspaper reported on Thursday.

The Cititel Super Express hotel project will be delayed for three years, said Eric Lim, managing director of Cititel Hotel Management, the hotel arm of IGB.

"We do not want to rush into it as we prefer to take a more cautious approach given the current situation," Lim was quoted by Business Times as saying.

"We looked at our strategic plan and have pushed it back ... we will need an additional three years for this now."

IGB owns Mid Valley Megamall, Malaysia's largest shopping mall. It also runs hotels in Malaysia, Myanmar, the Philippines and Vietnam. (Reporting by Soo Ai Peng; Editing by Jan Dahinten)



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