Forest City: Inside Malaysia's Multi-Billion-Dollar Ghost Town | 4K Walking Tour.
This video was recorded last July 10, 2024 at around 05:30 PM.
Forest City is among the most ambitious real estate ventures in Southeast Asia, estimated at around $100 billion. This project is a collaboration between Country Garden Holdings, a prominent Chinese property developer, and Esplanade Danga 88, affiliated with the Sultan of Johor. It aims to create a high-end, eco-friendly city across four artificial islands covering 3,425 acres in the Johor Strait.
From the beginning, China played a crucial role in Forest City. Country Garden Holdings, headquartered in Guangdong, China, led the project with substantial financial resources and expertise in large-scale developments. Their strategy primarily targeted Chinese investors and buyers, using an extensive marketing network in China, resulting in many early property sales to Chinese nationals.
This heavy dependence on Chinese buyers became problematic due to several factors. In 2017, the Chinese government imposed strict capital controls to limit money flowing out of China, making it challenging for Chinese investors to buy overseas properties. This policy change led to a significant drop in property sales in Forest City.
Additionally, Malaysia's political landscape added to the project's challenges. The election of Prime Minister Mahathir Mohamad in 2018 brought increased scrutiny and criticism of foreign investments, especially large-scale land developments. Mahathir's administration introduced regulations to restrict foreign property ownership, aiming to ensure such projects benefited Malaysians. Forest City became known as Malaysia's abandoned ghost city, a multi-billion-dollar failed project.
These factors, including Chinese capital controls and Malaysian regulatory changes, created significant financial difficulties for Forest City. The project experienced a slowdown in sales, leading to delays and a reevaluation of its marketing and development strategies. Despite these issues, Country Garden continued to invest in the project, adopting a revised approach to attract a broader range of buyers and investors, including locals and other international markets.
Please don't forget to click on the SUBSCRIBE Button and enjoy the journey my fellow Wanderers!
Please Show Us Your Support By Buying Us SUPER THANKS.
#viral #travel #virtualyoutuber #4k #citywalk #forestcity #malaysia #ghosttown #johor #china #abandoned #walkingtour #trending #trendingvideo #asmr #asmrsounds #asmrvideo #wanderwalktour #wanderer #wanderlust #countrygarden
