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Inside Malaysia's Chinese-built 'ghost city'


Eldorado

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China's largest property developer Country Garden unveiled Forest City - a $100bn (£78.9bn) mega-project under the Belt and Road Initiative - in 2016.

At the time, the Chinese property boom was in full flow. Developers were borrowing colossal sums of money to build both home and abroad for middle-class buyers.

In Malaysia, Country Garden's plan was to build an eco-friendly metropolis featuring a golf course, waterpark, offices, bars and restaurants. The company said Forest City would eventually be home to nearly one million people.

Eight years on, it stands as a barren reminder that you do not need to be in China to feel the effects of its property crisis. Currently, only 15% of the entire project has been built and, according to recent estimates, just over 1% of the total development is occupied.

https://www.bbc.co.uk/news/business-67610677

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