On the approach to Malaysia's $100-billion island megaproject backed by Chinese investment, a collapsed bridge forces drivers to detour before
On the approach to Malaysia’s $100-billion island megaproject backed by Chinese investment, a collapsed bridge forces drivers to detour before they reach an artificial city emerging from palm oil trees where condos, roads and shops lay empty.
It posted a record loss for the first half of 2023 this week but won creditor approval to extend a key bond repayment deadline, narrowly avoiding a potential default that imperilled thousands of developments in and outside the world’s second-largest economy. Launched under China’s Belt and Road Initiative with a company partly owned by a powerful Malaysian sultan, Forest City houses around 9,000 people, way below its 700,000 target.
Below those sit rows of shuttered shopfronts, some with court documents stuck to doors demanding outstanding payments. Inside, rubbish is strewn across the floors.Many buyers do not live in the artificial city, a security officer told AFP, and instead stash their money as absent owners. Malaysian Prime Minister Anwar Ibrahim has stepped in to try to save Forest City as it threatens to become a white elephant.
Indonesia Berita Terbaru, Indonesia Berita utama
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