China's largest property developer, Country Garden, is facing nearly $200B in debt over its eco-friendly city project in Malaysia. The project, called Forest City, was targeted at foreign buyers and has only completed 15% of its construction.
Your account is not active. We have sent an email to the address you provided with an activation link. Check your inbox, and click on the link to activate your account. property developer Country Garden unveiled Forest City , an eco-friendly project for a housing complex that would feature a golf course, waterpark, offices, and restaurants. Eight years later, only 15% of the entire project has been built: Forest City is now aDeveloper Country Garden faces nearly $200B in debt over the project.
However, a 2017 Chinese law preventing individuals from moving more than $50,000 out of the country annually led to a decrease in investments.Then came the pandemic, which stopped international travel and had negative effects on Chinese real estate and economic growth. He added: “To be honest, it’s creepy. I had high expectations for this place, but it was such a bad experience. There is nothing to do here.”All that’s left of the project is a debt of nearly $200B faced by Country Garden. And, apparently, a few unfriendly neighbors roam the place.The developer—who said last year that they were “optimistic” about continuing with the project in the future—has denied these claims.
“The company’s representative has filed a police report, and the matter is currently under police investigation. The company reserves the right to take legal action against those responsible.”
China Property Developer Debt Crisis Eco-Friendly City Forest City Malaysia
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