A lot to unpack here.
- Forest City is a "One Belt, One Road" project, meaning the CCP pushed it heavily when it was started in 2006.
- The property is 60% owned by Country Garden and is a great example of a tofu dreg ghost city outside of China.
- That was pushed entirely at the Chinese who were investing their money outside of China and then once Razak was down there was enough civil unrest towards Chinese that they all bailed.
- And then Xi implemented currency controls to keep any Chinese from buying this Chinese project for the Chinese.
It's pretty fuckin' cool how all these massive Chinese developers somehow make their mortgage payments at the last minute without anyone really knowing where the money comes from. I personally love that the Chinese people are underwriting luxury apartments they aren't allowed to live in opposite an enclave full of people who hate them surrounded by jungles nobody lives in with crocodiles cruising the beach.
Especially since the Straits Times wants you to know that actually, "ghost city" is a matter of perspective.