A model of the Forest City development at the Country Garden showroom in Johor, Malaysia.
Photographer: Ore Huiying/BloombergFeatures
The $100 Billion City Next to Singapore Has a Big China Problem
- Developers seek buyers abroad as Chinese fear punishment
- China is clamping down on illegal exodus of money for property
The $100 billion city rising from the sea next to Singapore has hit a roadblock: China’s capital controls.
The dream of a Malaysian version of Shenzhen — largely funded by Chinese developers and buyers — with hotels, offices, golf courses, tech parks and thousands of ritzy new apartments, is having to adapt after China’s government clamped down on an exodus of money for investment in overseas property.