The US$3.5 billion project is the largest overseas investment project by China State Construction Engineering Corp, which owns CCA Bahamas. It includes hotels, a Las Vegas-style casino and an 18-hole golf course.
According to the official China News Service, the resort was supposed to open by the end of 2014 but construction has yet to be completed due to funding problems and other reasons.
On June 29, Baha Mar filed for bankruptcy protection in a Delaware court. It blamed CCA Bahamas for the delays in construction and accused thye company of vandalism and extortion.
In response, CCA Bahamas issued a statement on July 7 accusing Baha Mar of mismanagement, including replacing the principal architect of the resort after construction began and making at least 1,300 change orders for construction.
In a statement to the media July 25, CCA Bahamas said the project could be completed before the winter travel season this year if all sides can reach a solution on the problem.
Industry sources said that CCA Bahamas has already appealed to the US court not to grant bankruptcy protection to Baha Mar.
Sources said that representatives from the Bahamas government, CCA Bahamas, Baha Mar and the Export-Import Bank of China are now in talks in Beijing but it is unclear whether they will succeed in reaching an agreement.
Source: Want China Times
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