There were many reasons why the Portuguese rejected Columbus proposed route to Cathay. One was funding and time. Columbus was first planning to sail across the Atlantic Ocean to get to Cathay. However, many countries like the Portuguese believed that the trip would be too long and expensive because Columbus wanted to go further out west. Not only that, the Portuguese believe that with the long trip Columbus had proposed he would run out of food quickly.
Instead of a route to Cathay, the Portuguese wanted a route around the tip of Africa. While Christopher Columbus did end up being sponsored by King Ferdinand and Queen Isabella of Spain for his voyages, the Portuguese continued their search to find the route to the tip of Africa. It wasn't until 1487 that Bartholomeu Dias would explore the southern tip of Africa, created a stable route around Africa, and call the area the Cape of Good Hope.
The primary reason that Columbus was rejected by Portugal was financial. Columbus offered to sail directly west to reach the Indies and Cathay, otherwise known as China. King John II rejected the proposal because he believed Columbus had miscalculated the distance of the trip. Portugal, now with favorable trading routes around Cape Horn, favored sailing below Africa. King John II employed astronomers that concurred with his belief that sailing directly west would be too far. They believed that the crew would run out of food and resources on the trip and that it would be too costly.
Plans such as this trip had been offered to Portugal in the past. They too had been declined. When Dias reached the Cape of Good Hope, Portugal obtained a direct trade relationship. Although Columbus reached a deal with Spain for the voyage, Portugal was technically right about the distance. Moreover, Portugal had already established a successful trading route along Africa and did not need to take the risk.
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