ISKANDAR PUTERI, Sept 3 — On the approach to Malaysia’s US$100-billion island megaproject backed by Chinese investment, a collapsed bridge forces drivers to detour before they...
ISKANDAR PUTERI, Sept 3 — On the approach to Malaysia’s US$100-billion island megaproject backed by Chinese investment, a collapsed bridge forces drivers to detour before they reach an artificial city emerging from palm oil trees where condos, roads and shops lay empty.
It posted a record loss for the first half of 2023 this week but won creditor approval to extend a key bond repayment deadline, narrowly avoiding a potential default that imperilled thousands of developments in and outside the world’s second-largest economy. Launched under China’s Belt and Road Initiative with a company partly owned by a powerful Malaysian sultan, Forest City houses around 9,000 people, way below its 700,000 target.Construction workers chip away at the island city by day while an eerie silence falls over its deserted four-lane highway at night.
Model sculptures of the completed city’s four artificial islands — far from its current state — sit in the lobby of a sales showroom to attract potential buyers guided by Mandarin, Malay and English road signs. Last week, he announced the creation of a “special financial zone” and perks including a special income tax rate and multiple entry visas.“The liquidity pressure could have an impact on their capability to complete overseas housing projects,” said Bernard Aw, chief Asia-Pacific economist at credit insurance firm Coface.A three-hour drive from capital Kuala Lumpur, the city attracts visitors who want to catch a glimpse of the space-age towers or buy duty-free alcohol.
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