Johor MB: China's capital controls won't affect Forest City project

Johor Mentri Besar Datuk Mohamed Khaled Nordin

JOHOR BARU: Country Garden's ongoing Forest City mega-development in Johor will not be affected by the Chinese government's efforts to stop capital flight into offshore investments.

Johor Mentri Besar Datuk Seri Mohamed Khaled Nordin (pic) said this was because Forest City, which would have four manmade islands in Gelang Patah upon completion, is meant to cater to the global market and not Chinese buyers alone.

He said the China-based developer has been marketing the project in other parts of the world, like Australia, the Middle East and Europe, in order to attract buyers.

"The Chinese government's policy is not targeted towards Forest City, it affects all Chinese developers which have projects outside the country," he said after closing the SK Taman Cendana parent-teacher association meeting on Saturday.

Forest City, a mixed development project, is expected to contribute some RM66bil in tax revenue to the country over the next 20 years.

It was reported that Country Garden Holdings had closed all sales centres in mainland China for Forest City amid Beijing's intensified crackdown on capital flight.


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