Chinese financing put on hold; Sydney Harbour Investment Partners announces backing from U.S. firm
The company trying to build a container terminal in Sydney, N.S., says it had to find a new financial backer because Canada’s relations with China had put the project on hold.
Sydney Harbour Investment Partners had struck a financing deal with China Communications Construction Company, which is controlled by the Chinese government.
But this week, the container developer announced a new deal with New York investment firm Avaio Capital.
Albert Barbusci, CEO of Sydney Harbour Investment Partners, said two diplomatic issues set the project back.
A year ago, the federal government blocked the Chinese purchase of Canadian engineering firm Aecon. Then in December, Canada arrested an executive with Chinese telecom giant Huawei at the request of the U.S.
Barbusci said after those events, he needed to look for other funding.
Read more on CBC News.