The Export-Import Bank of China is in the final stages of striking a deal with two real estate magnates to complete construction of the stalled, $3.5-billion Baha Mar Resort project in the Bahamas. In early November, the Bahamas Tribune reported that the Ex-Im Bank of China was nearing a deal with a real estate investment bank led by Andrew Farkas, in partnership with Sol Kerzner. Last July, Baha Mar Ltd., the development’s previous owner, filed for Chapter 11 bankruptcy protection, but a U.S. judge rejected the legal move after the Bahamian government fought to retain authority. Baha Mar Ltd. estimated the 3.3-million-sq-ft development was 97% complete when a subsidiary of China Construction Americas halted work.
Troubled $3.5B Baha Mar Resort Job May Be Resuscitated
November 19, 2015