Prime Minister Anwar Ibrahim has said he is open to reviving the project, which would cost around RM100 billion (S$30.4 billion) today, according to industry estimates.
The two-year-old Anwar administration has insisted that funding would have to come totally from the private sector, as it focuses on paring the government debt of more than RM1.24 trillion.
Unofficial overtures to the Chinese government for funding in 2024 were not successful, industry players say privately, as the project - which offers a 90-minute ride between Kuala Lumpur and Singapore - is expected to incur financial losses.
"Even in China, the only profitable (HSR) routes are Beijing-Shanghai and Guangzhou-Shenzhen. The rest require government subsidies to cover their high costs," said a Malaysian industry leader connected to a consortium shortlisted for the project.
He said that although his consortium could raise RM20 billion in cash upfront, financial institutions could be unwilling to lend the remaining RM80 billion.
"Are we going to mortgage the entire company for the project? ... The four richest cities in China have a combined population of 83.1 million, while the KL-Singapore corridor has only 14 million. The market is small," he told The Straits Times on condition of anonymity as he was not authorised to comment.
"Without government subsidies, it's difficult to stay afloat."
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