Malaysia to offer tax breaks, incentives in Forest City development to boost investments

KUALA LUMPUR: Malaysia announced on Friday tax breaks and incentives for the troubled Forest City development, a $100 billion project backed by Chinese developer Country Garden Holdings, in a bid to lure investments and spur economic growth in the area.

Forest City, a joint venture between the embattled Country Garden and a private Malaysian company backed by the country's king, has been beset by problems ranging from environmental to regulatory issues since its inception in 2016.