(Photo from Imagine China)

On Aug. 22, during a nationally televised speech, Bahamas Prime Minister Perry Christie announced that the Bahamian government had signed an agreement with Export-Import Bank of China (EIBC) to promote the completion of the Baha Mar Resort. The resort will then be sold to a world-class owner of hotels and casinos.

Christie also explained that, in addition to local government officers and relevant Chinese corporations, the Chinese ambassador and People's Bank of China also provided assistance.

According to the agreement, China State Construction Engineering Corporation (CSCEC) will re-start construction on the resort in September. The resort is scheduled to open before the 2016-2017 peak tourism season. The lender, EIBC, will provide a loan so that construction may resume.

From early 2015, because of delays in completion, the developer was in conflict with CSCEC. In June 2015, the project filed for bankruptcy liquidation. In October, approved by the court, EIBC lent $2.34 billion, taking over the whole project.

Since then, EIBC has been trying to seek purchasers, but proceeding slowly. In the televised speech, Christie did not disclose the name of the purchaser, but just explained that the government would make public all key elements of the agreement.

However, it still remains a mystery who will take on the project's over-expenditures. Christie said that the government would make appropriate concessions for assisting in the operation of the resort. Referring to statistics from July 2015, Christie said that 97 percent of the Baha Mar Resort has been completed, and that an additional expenditure of $400 million would bring the project to operation. One year later, the estimated required expenditure has likely increased.

Christie says CSCEC will resolve the unpaid cost of local subcontractors, and creditors are likely to get full refunds. Thousands of workers at the Baha Mar Resort will finally receive their unpaid wages.

In May 2016, Bahamas talk show host Steve McKinney revealed that CSCEC requested a 30-year operation license for the resort's casino and a 30-year exemption of added value from the Bahamas government. Christie did not say he had rejected these requirements.

So far, CSCEC has not made a formal statement about the situation.