Malaysia’s 'dream paradise' on hold: Forest city impacted by China’s real estate troubles
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- Опубликовано: 29 сен 2024
- China's real estate troubles are being felt in Malaysia, at a development once described as a 'paradise'. Seven years after its launch, the 100-billion dollar project known as 'Forest City' is only 10-percent complete.
Al Jazeera's Florence Looi reports.
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Welcome to the ghost city. This is the first ghost city in Malaysia thanks to China.
Thanks to your stupid state government. If they had not approved it how could the project even start? Do not blame others but yourself. Certain state govts are very greedy for profits and money!
Don’t worry, the middle-kingdom still has hopes to ‘gift’ Malaysia and other SEA countries a lot more of these .
Caveat emptor.
For a hammer everything is a nail for chinese every state is a real-estate.
Even the powerpoint slide says Activate Windows... 1:01
you noticed that? lol
Meikarta Jakarta has also impacted severely, lots of empty buildings. It's barely a ghost town now
Meikarta kasusnya beda, dananya dikorupsi, dibawa kabur pengembang, kan projeknya belum selesai, triknya pengembang bangun yaaa 30% biar keliatan ada pembangunan, setelah dana terkumpul dari para investor ditinggal deh, tapi ga selesai2 sampe sekarang, akhirnya investor protes, kok lama banget, kan udah sering liat di berita para investor demo agar Lippo group balikin dana mereka, eh malah dituntut balik 56 M karena melakukan protes menuntut haknya kan GELOOO😅
@@alboniussitanggang5442gw setelah baca L***o ways jd makin serem sm mereka.
Turn it into a film studio for horror movies.
❤😂🎉😢😮😅😊
The large problem with Malaysia is actually the ever changing rules for foreigners who would like to either stay or invest in this country. This due to an underlying racism when member of the Parliament recently raised the specters of a possible waive of Mainland Chinese incomers.
This is "we want your money, but we don't want you here" paradox
absolutely
Nobody wants an influx of Chinese immigrants in their country! and stop throwing racism word so much, it has become meaningless.
Yes want results but not willing to sacrifice
sadly China uses soft colonialism tactics without considering the local population sentiments, by butterssing the rulers for favours.
malaysia not truly asia .....
This project is doomed as the Chinese are not coming so far to buy and stay in Malaysia which has so little to offer in that part of the country. The property prices are much higher than most normal Malaysians can afford. This will be a coming nightmare for the state government and Country Gardens. Good luck in the foreseeable future. You will need lots of it!
No wonder people dont want to live there. The building is so ugly.
不客气地说：中国内陸已变成爛尾楼,还顧得了马国？
Waste city
The regional vp says it all, LURE😂. Definition - lure implies a drawing into danger, evil, or difficulty through attracting and deceiving
Come to Sihanoukville, Cambodian 🇰🇭, you'll see more about abandoned Chinese Belt and Road town.
-It's in contrast with what Xi Jinping said at the BRF in Beijing.
Spot on. Thanks for sharing
Things are about to change for the better I believe..new King and a rail link between Sin/Mal.
I think Malaysia government tricked by the Chana. 😮😮😢😢
20 years project without a backup plan is a crazy plan. I hope Malaysia government have the money to resume the project.
The Malaysian govt would be mad to revive this project. Build where there is a need. Who would want to stay in this corner of Johore state? How do you earn a living to pay off the mortgage? Let it be a hard lesson for the Johore state govt. These state govts are hungry for profits and money. Stupid planning results in stupid projects with nothing but losses. Good luck.
Doomed for failure 😢
be patience..it was just like Spore in the 90s..once the MRT completed in 2026 from Spore it will be a gamechanger.
Correct me if I'm wrong, but I was under the impression that Malaysia has a two-tier pricing system for property, whether it be new developmments or subsales. Foreign nationals are required to pay a minimum price whereas Malaysians can pay whatever market forces dictate, which could be far below the minimum price a foreigner is required to pay. Is this the case? And, if so, does this two-tier pricing system also apply to units in Forest City? Anypne know?
Two tier pricing is for Malaysians and for new developments only. Bumiputera or bumi (Malays) get 5-15% discount. The details vary from state to state, and vary between type of property i.e. residential, commercial and industrial . Each new development has a "bumi quota" and depends if it happens on a Malay reserved land. If there is insufficient bumi buyers, the developers can apply to sell bumi lots to non-bumis. Subsales of bumi-lots can go to anyone. Google search bumi lot if you want to find out more. As for foreigners, foreigners are allowed 100% ownership of property, but the price must be RM1 million or more, regardless of new development or subsale.
Play out by China policy....
I dnt knw abt tht but i heard there was a high demant from chinese who wanted to buy and where restricted to by the govt.
The minimum price for foreigners varies by state and territory, but in almost all cases the minimum price is not far above prices paid by the average Malaysian and therefore foreign demand has an effect on prices as a whole that are paid by the average Malaysian.
@@j2h226 Thanks for the reply. I was aware that the minimum price for foreigners purchasing Malaysian property varied across states. I think Penang has the highest minimum price for foreigners (some time ago when I checked, I believe it was RM1 million). If this dual-pricing system applies to Forest City -- where supply of units already far outstrips demand -- it will be a further dampener on foreign interest, which tends to be investment-related (as the last speaker in the clip alluded to). I'm S'porean, and even in property-hungry S'pore, which is closest to Forest City, it appears that there's scarcely any interest in this development.
Wah so many international media covered 😂😂😂
Thanks for promoting Johor & Malaysia
Bad news brother. Johor and Malaysia are in the negative spotlight now. Thanks for commenting. Should shut ur mouth up.
China 🇨🇳 is displaying a brave face.
But Chinese government has *no more money* to support its Belt and Road projects. Many projects were signed but delayed or canceled.
- China 🇨🇳 has too much debt already, highest in the world at 300% of GDP, according to Bloomberg.
China is behaving like glutonous greedy person, want everything to itself.
Buat la PPR lagi mudah .
Ramai lagi orang tempatan tade rumah
This. The most sane and correct comment ive seen from a Malaysian thus far. Kudos to you brother.
@@Asunderx4899just make rent to own rm500 for johor people for this forest city next 3year already full house and economy still going up
Bagus kena tipu ceca
Omg I'm surprised we don't see more "Malaysia has the right to.defend itself" post here lol
They are expecting locals to buy real estate designed for rich Chinese. O.O wai?
@2:09 very straightforward and logical explaination 👍😁
Looks great. But why did they build it there. Better results if built near KL. Less job opportunities there, why would locals spend.
red dot there...red dot's economy bigger then bolehland..let alone kl..
@@reubensher8144 i dont think there are many singaporeans who wants to live in johor. the ones that want to move to johor - is because they cant afford singapore. which singaporean will want to move if they have a choice. then do you have enough johorean to soak up so much supply of luxurious condos. Are you sure there are alot of Johoreans earning sufficient salaries in singapore to be able to return home and swallow that supply? so the question again becomes, why build there? doesn't it look doomed from the beginning?
tangible assets ..less value these days. Think Google..think Apple..think Tesla...
Still v this news. Boring edi la
Tower of Babel
Shocking
Just continue building and selling it for MM2H and making it a party city
All I see is mosquitoes heaven
The Golden Rule of Real Estate Investment: Location-Location-Location. Forest City is a stone-throw away from 'Singapore' (=very Expensive housing); hence, if Malaysia, China & Singapore gov't would make a deal of building a Fast Transit from Singapore to Forest City.......... Additionally, if the developer can allow the condos to be used as Air B&B, allowing private condo owners to rent the units out and split the income with management company located in the lobby of each building.......
A very apt comment at the end of the video, any project with more than 40% allocated for foreigners WIL not survive because this foreign population are not rooted to grow the local economy, they fly here fly there and all over.....
I think it may be just too far from the towns that it didn't have much people staying.
Thailand in the future
Sewa murah. Duty free. Apa lagi plantanon tunggu. Panggil lah all international bapok to stay there. Boleh la diubah jadi Al-jubori Plantanon Forest City.
In my opinion, forest city still has potential to be a success metropolis. It's still not too late. It's just in the hand of Malaysia government/PM now. If they willing to sacrifice by switching the table around and sell all these properties to the locals instead, with an affordable price, I'm sure it will continue developing
it's so ugly tho ???
it's a forest of buildings 😂
Reminds me of Akon City
Forest city to hantu city
Kota ini dibangun dengan uang investasi china agar bisa dimiliki orang malaysia untuk disewakan kepada orang pendatang dari china. Namun Mahatir mencium bau politik rasis setelah ditelusuri ternyata orang malaysia yg mampu membeli properti itu adalah warga negara malaysia beretnis china. Distop lah oleh mahatir
Bukan di stop, secara alami juga emang ga laku. China larang warga nya beli rumah disini. Bisa bahasa inggris ga??
DooM failure
😆 🤣 😂... the word used 'LURE' sounds like a desperate attempt to hunt for victims...
It's a curse of " Bukit Kepong tragic" Where comunist insurgents attack Police station in Johor.Where our hero die on cold bath. We cannot let CCP China to have luxury life in Johore State. Pls learn history and don't think of making money and loosing Malays dignity .."Tanah Tumpahnya Darah Ku"😢😢
Agreed with what the surveyor commented. Drop the price by 75% at least, such that locals can afford. When take up rate improves and place becomes vibrant., slowly increase the pricing. Otherwise, will be forever sitting on white elephants or till the rest of the state housing prices catch up with Forest city, which will mean in, probably another 20 years.
Malaysia is a small China, not the land of the Malays....
Lol, this is a part of many other Malaysian projects. This forest city is located in the Third largest city in Malaysia within the second big town of Johor Bahru.
incompetent malays 😂😂😂
Who will buy? Too expensive and waste of money
Who will buy a house that you cannot get a VISA to stay ?
EXAMPLE FOR THE GREED PROJECT......
Local community customer
❤
ghost city now😮
In Indonesia: Meikarta!
Failure
Arabs are very invited to buy properties here. Before the price getting higher n higher.
It's only forest, no city
Not JUST a forest , Sirrr!!!
…it’s also a swamp. Brimming with crocodiles. hungry ones.
😊😅😮😢
can local people be able to take up a huge stakes in this project without foreigners? Talk is easy
Yes they can, unless the greedy developers intentionally keep them out.
As a Malaysian, I think this is more on Malaysia governments policies but not from China's real estate troubles....
I think its both. We now know that Country Garden has gone Bankrupt and has been delisted in many exchange markets around the world especially the USA
*This report is very bias and untruthful.* Forest city is owned in majority by the King/"Agung" in Malaysia and their affiliate. It is troubled by its location where it is build and NOT because it is build by Country Garden. Get your fact straight Al Jazeera's Florence Looi!
I think you need to get your fact checked too. Country Garden is the developer, not Evergrande.
@@cyrus5416 typo, but thanks.
May be u r ryt but in real-estate these things matter no matter hw luxurious they are if u dnt have neighbors u r doomed.
Country Garden Holdings has a 60% stake in Forest city so your comment is pure bullsh*t. Not surprising that no one, from China or otherwise, wants to buy into a half completed development abndaoned by a bankrupt developer.
the isuee is with malysia mm2h, making many middle class Chinese not qualify. rich Chinese will buy spore sentosa.
oh negaraku 😢
Maksudnya gimana kak.. Apa proyek itu gagal? Atau lanjut..
@@senjahari8941projek China gagal secara total... Kami penduduk berdekatan forest City pun tidak teringin beli rumah kawasan situ. Sudahlah jauh dari bandar besar. Lebih baik beli rumah biasa..sekolah dekat. Hospital dekat.. Tujuan asal mereka menargetkan warga negara asing terutama dari negara China memiliki rumah kedua disitu.. Tetapi ekonomi China ketika ini diambang kehancuran.. Syarikat everland China yang dapat tender di forest City pun diambang muflis.pembeli dari china lebih berminat beli rumah di Singapura... Kayakan tokey china penyudahnya kerajaan Johor rugi berbilion Rm.. 😂😂😂
Kera jaan
the biggest issues is the stability of the currency? the RM has only one trend, downward trend!
This Forest city can be revived if the developer turns it into a very Big Data Centre, A World Class Theme Park, Financial Offshores like Labuan and other attractions like Sea World. Maybe can set up a very big mall and clothing which has free duties for international products that are not available in KL like products from the Balkans, Eastern Europe or maybe Russia and Latin America like rose oils and others. It creates job opportunities, tourism like Airbnb and hotels plus also a new spot for Malaysian and international tourists to go for vacation.