KUALA LUMPUR — As cash-strapped developer Country Garden battles to stave off default, its sprawling US$100 billion (S$136 billion) development in Malaysia has come under scrutiny from creditors even as the Southeast Asian nation dangles financial incentives to lure investments.
Billed as a paradise with turtles and white-sand beaches, Country Garden's Forest City development in the state of Johor next to Singapore aims to house 700,000 people across 7,000 acres on four reclaimed islands upon completion in 2035.
Late last month, Forest City said the project is proceeding as planned despite issues tied to the"political landscape and interference, economic stability, government policy". "Moving forward, I believe they need to parcel it out and invite JV partners to monetise some of the assets. That will be able to fast-track development of Forest City," he said.
The sales gallery featured a massive replica of the development, with many residential blocks marked"sold out" or"fast selling". But over the space of an hour only a few families checked out the large showroom. Forest City said 28,000 housing units have been completed so far, with more than 80 per cent sold to buyers from at least 30 countries.Country Garden has fewer offshore projects compared to some of its Chinese peers, and some analysts expect Forest City to be a target for some of the holders of its dollar bonds if the developer is not able to meet its debt liabilities.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Country Garden wins repayment extension for 6 onshore bonds: SourcesSHANGHAI: China's largest private property developer Country Garden has won approval from its creditors to extend the repayments on six onshore bonds by three years, two sources familiar with the matter said on Tuesday (Sep 12). Onshore creditors voted on Monday for proposals by the distressed developer to
Read more »
Country Garden gets maturity extension approval for one more onshore bond: SourcesHONG KONG: Country Garden has secured approval from its creditors to extend the maturity of one more onshore bond by three years, two sources with knowledge of the matter said, as the cash-strapped Chinese developer scrambles to avoid a default. Country Garden's onshore creditors voted on Monday (Sep 11) f
Read more »
Country Garden secures bondholder reprieve: SourcesSHANGHAI: China's largest private property developer Country Garden won approval from its creditors to extend repayments on six onshore bonds by three years, two sources familiar with the matter said on Tuesday (Sep 12), sending shares up as much as 10 per cent. The bondholder reprieve came as investors ar
Read more »
Singapore tops Southeast Asia in seeing different religions as compatible with society: SurveySingaporeans are also far less likely than others in the region to emphasise nativist elements – like being born in the country – when defining national identity.
Read more »
Malaysia fails to appeal against ex-PM Najib’s acquittal in 1MDB audit tampering caseThe 70-year-old is serving a 12-year jail sentence for another corruption case linked to 1MDB. Read more at straitstimes.com.
Read more »
Malaysia fails to appeal ex-PM Najib's acquittal in 1MDB audit tampering caseNajib, 70, is serving a 12-year jail sentence for another corruption case linked to 1MDB. Read more at straitstimes.com.
Read more »