Chinese data center operator Zdata is seeking a $500 million loan to fund a project in Malaysia.

The company is seeking fresh capital so it can build a data center in the popular Malaysian market of Johor, in the south of the country near the border with Singapore.

According to Bloomberg, which first reported the story, Zdata is seeking a two to three-year loan to pay for the build-out, though terms have not been finalized as it is still talking to lenders.

Zdata purchased land in Johor in 2024, buying a 38-acre site in Gelang Patah, Johor Bahru. It paid RM 240 million ($55.9m) for the land, which was previously owned by Tropicana Firstwide Sdn Bhd, on which it said at the time it intended to develop into a data center.

Founded in 2014, the company is aiming to develop 30 data centers across China – including in Beijing, Zhangjiakou, Langfang, Tianjin, Ulanqab, Datong, Yanggao, Shaoguan, and Shaoyang. It claims to have 1GW in operation or development and 3GW planned.

In August 2023, Zdata broke ground on a project in Ulanqab, Inner Mongolia, and its website lists planned facilities in Singapore and Indonesia, but does not provide details of the precise locations of planned capacity.

Last year, it was reported Zdata was considering an IPO on the Hong Kong stock exchange at a valuation of up to $5 billion.