Friday February 21, 2020

Beijing move hits sales at new €89bn Malaysian city

A crackdown on the amount of money that can leave China has spooked Chinese property investors, putting a huge development in Malaysia in doubt

25th June, 2017
4
A model of the Forest City development beside Singapore All pictures: Bloomberg

The €89 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.

Developers’ sales offices in...

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