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The $100 Billion Ghost City That Broke China’s Real Estate | Forest City Analytics Table

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A $100 billion mega-project. Four artificial islands. Nearly one million planned residents. And today — around 1% of it is occupied. In 2016, China's largest property developer Country Garden unveiled Forest City in Johor, Malaysia — an eco-friendly smart city built on reclaimed land in the Johor Strait, under the Belt and Road Initiative. Eight years on, only about 15% of the project has been built, and according to recent estimates just over 1% of the total development is occupied. the monument, the emptiness, the numbers: how a dream city rose out of the sea, and the boom years in China that financed it. the sales machine that flooded billions in, and the crackdown that shut it all down: Beijing's capital controls cut off the flow of Chinese buyers, and the islands stalled. In 2024 Malaysia answered with the Forest City Special Financial Zone — 0% tax for family offices, 0–5% corporate tax — a last bid to save the islands. 🔍 SOURCES & FURTHER READING: • BBC News — "Forest City: Inside Malaysia's Chinese-built 'ghost city'" https://interestingengineering.com/culture/why-did-chinas-country-garden-create-this-ghost-city-in-malaysia • BBC News video report: http://youtube.com/watch?v=MiUIs8kgQX8 • Forest City, Johor — Wikipedia: https://en.wikipedia.org/wiki/Forest_City,_Johor • Forest City Special Financial Zone (Lexology, Sept 2024): https://www.lexology.com/library/detail.aspx?g=940b847d-32b7-42eb-9a6b-5023d14bae94 All visuals are AI-generated reconstructions for documentary storytelling.

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