Have you heard of Forest City? This was a hundred billion dollar project unveiled in southern Malaysia in 2016 by the developer Country Garden. It was a part of China’s massive Belt and Road initiative and was supposed to be home to almost a million people. However, eight years on, Country Garden is facing colossal debts and the complex is virtually empty. Join us as we explore this ghost town and uncover the truth behind Forest City.
First Impressions
We find ourselves in Jeor, right on the tip of Southern Malaysia, where something strange looms on the horizon – locals call it Ghost City. At first glance, Forest City appears dark and deserted. It’s hard to believe that anyone actually lives here. Even in mid-afternoon, Forest City feels more like a haunted house than a happy home.
As we speak to residents, the prevailing sentiment is that Forest City is a ghost town. Joan, a resident, confirms this feeling, stating, “From what I’ve seen so far, yes, I would have to agree.” It seems that even the time of day doesn’t change this eerie atmosphere – “maybe you should try after 12,” Joan suggests.
Unfulfilled Expectations
Forest City was envisioned as a multi-billion dollar project, touted as a thriving eco-friendly community with beaches, bars, and restaurants. It was an opportunity for Chinese investors to own a second home abroad and rent it out to locals. However, the reality has fallen far short of the ambitious promises.
The Chinese government’s restrictions on borrowing and spending on foreign property have left Forest City in disarray. What was meant to be a bustling restaurant now stands abandoned. The kitchen, once bustling with activity, is now a mere shell of what it was supposed to be. The vision of a prime future city seems far-fetched in the current state of Forest City.
A City in Descent
Country Garden, the property developer behind Forest City, insists that the project will be completed. However, with the company facing debts of nearly $200 billion, the future of Forest City remains uncertain. Currently, the complex is only 1% occupied, a stark contrast to its intended purpose of housing a million people.
Forest City is not an isolated case. Similar Chinese property developments face similar challenges, seemingly going nowhere. The dream of a vibrant community has given way to a sense of desolation and disappointment.
Reactions and Responses
When BBC News reached out to Country Garden for comment, the group in China did not respond. However, their Malaysian operation stated that despite the current situation, they were running the business as usual, assuring that the overall operation in the region is safe and stable.
Conclusion
Forest City, once touted as a symbol of ambition and progress, now stands as a reminder of the challenges faced by Chinese property developers. The vision of a thriving eco-friendly community has been overshadowed by debts and an empty complex. Only time will tell what the future holds for Forest City, but for now, it remains a haunting testament to unfulfilled expectations.
