Malaysia’s abandoned megacity: A $100B mystery

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China’s property crisis has created eerie ghost towns far beyond its borders, with one of the most striking examples lying just across the water in Malaysia. The $100 billion Forest City development, envisioned as a thriving metropolis for nearly a million residents, now stands as a haunting monument to the collapse of China’s real estate bubble. Empty towers loom over deserted streets, while abandoned shopping malls and unfinished construction sites complete the post-apocalyptic scene.

The project’s developer, Country Garden, finds itself drowning in nearly $200 billion of debt, forcing drastic measures like executive pay cuts. Originally marketed to China’s middle class as lucrative overseas investments, these properties now sit vacant as the company struggles to stay afloat. Residents who gambled on Forest City’s promise describe an unsettling reality of dark corridors and empty amenities, with many choosing to leave despite financial losses.

Former resident Nazmi Hamafiah’s experience typifies the broken dreams surrounding Forest City. After six months in the development, he abandoned his rental despite losing his deposit, frustrated by the stark contrast between the project’s grand vision and its bleak reality. The few remaining tenants describe an eerie existence, with one suggesting nighttime walks to fully appreciate the development’s ghostly atmosphere.

This Malaysian ghost town serves as a stark warning about the far-reaching consequences of China’s property crisis. As millions of Chinese investors face the potential loss of life savings tied to similar projects, the empty towers of Forest City stand as silent testimony to an economic bubble that has burst with global repercussions. The development’s current state raises serious questions about the future of such ambitious cross-border investments in an era of financial instability.

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