Forest City, the Malaysian island megaproject backed by Chinese investment, is facing an uncertain future due to the financial struggles of Chinese property giant Country Garden. Despite being built for middle-class Chinese buyers, the $100 billion artificial city remains largely vacant. The project has been plagued by low sales, Chinese currency controls, a pandemic shutdown, and public anger over China’s influence. Country Garden, dealing with a $196 billion debt, has received approval to extend its bond repayment deadline but is at risk of defaulting again. Forest City’s current population of 9,000 falls far short of its 700,000 target. Malaysian Prime Minister Anwar Ibrahim has announced the creation of a special financial zone to save the project.
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