Forest City is a massive project in Iskandar Malaysia by Country Garden Holdings Co Ltd. By the time the four artificial islands are completed, it is expected to be inhabited by 700,000 people. An earlier article here. Forest City, RM75.8 billion, 20 years and eight core industries Recently, it was reported by many different media that it (Country Garden) has shut down some of its showrooms in China. Referring to an article in NST here. According to Reuters, the company said that “the closure is to ensure better fit with current foreign exchange policies and regulations.” It also said that “(The) Country Garden group resolutely abides by relevant foreign exchange related rules and actively adapts it overseas development strategy to adapt to a constantly changing national and international policy and legal environment.” So, this does mean that it will now stop selling this development?
Reported in NST. Country Garden announced that it would be setting up showrooms in more countries. They include showrooms in the Middle East, India, Vietnam, Thailand and Japan.Country Garden’s Malaysian unit, Country Garden Pacificview Sdn Bhd, said it was promoting Forest City to investors from Southeast Asia, Japan, South Korea, India, the Middle East, Europe and the United States. It has partnered with international property sales consultants, such as Edmund Tie & Co, CBRE Group Inc, Ray White and High Mark Real Estate Brokers.The developer said that it had sold around 18 billion yuan (RM11.5 billion) worth of apartments in Forest City in 2016 and Chinese nationals accounting for 70 per cent of the buyers. Another article with additional information can be read here. South China Morning Post: Country Garden halts Malaysian housing sales amid capital flight crackdown
Reading a bit further, this was what was reported in Newswire from Country Garden. It is ranked by Forbes as among the”The World’s 500 Largest Public Companies” It is also listed on Hong Kong Stock Exchange’s Main Board (Stock Code: 2007). Beyond just a developer, Country Garden is also the operator of residential communities and also constructs and operates green, ecological and smart cities. In 2016, Country Garden’s residential property sales exceeded USD43 billion (RM191 billion) and ranked among top three real estate enterprises globally. I think it will be doing everything it could to ensure the sales for its Iskandar project continue to rise. I do not own a unit and has no plans to get a unit currently. I am positive with Iskandar’s overall development even if I think the creation of jobs can be faster instead of just the news about new residential projects. Happy following.
written on 11 Mar 2017
Next suggested article: That ‘scary’ article about US$100 billion Chinese investment in Iskandar