September, Friday 20, 2024

Exploring Forest City: A Chinese Constructed Urban Area in Malaysia with Minimal Population


EptKN9op1I9gYU8.png

Nazmi Hanafiah, a 30-year-old IT engineer, had a short-lived experience living in Forest City, a Chinese-built housing complex in Johor, Malaysia. Despite being initially attracted to the complex's amenities and location, Nazmi found it to be a deserted and isolated ghost town. Forest City was a $100 billion project developed by China's largest property developer, Country Garden, under the Belt and Road Initiative. The goal was to create an eco-friendly metropolis with numerous facilities and a large population. However, the project currently remains mostly unoccupied, with only 15% of it built and 1% occupied. Critics attribute this situation to the complex's remote location, lack of tenants, and poor marketing. Forest City's reputation as a ghost town has led to disappointment and frustration among investors who have seen the value of their properties plummet. This problem is not isolated to Forest City; the Chinese property market as a whole is facing a crisis due to government regulations, travel restrictions, and financial difficulties faced by major developers like Evergrande. Without sufficient funding and buyer confidence, it is uncertain when projects like Forest City will be completed or attract residents. Ultimately, the fate of such projects lies in the hands of the Chinese government, which may provide financial support. Meanwhile, individuals like Nazmi are relieved to have left and are cautious about future investments.