Forest City

[Manhattan]

Even Bloomberg took notice of FC. And the sentence they used is ' scares the hell out of everyone's..lol

http://www.bloomberg.com/news/featu...ar-singapore-scares-the-hell-out-of-everybody

 

[enjoylife77]

The SG government had been releasing too little residential and commercial land to cope with the increased population in the past for obvious reason. Now all the massive township planned by the Chinese big names just outside the perimeter will ensured that SG's property best days are over.

 

[rotikok]

I was thinking of chances becoming a ghost town since they are able to sold 11k units...
Maybe a lot coming for the international school or retirements. Then at least those are pure users can at least create a sustaining economy overthere.

But wait....CG hire lots of agents, and if any agent able to make a sale, he will be heavily rewarded. Factor that in, suddenly everything seem clear liao. I believe there will be many gullible PRC sheeps being conned, buying into forest city for pure investment and will not be using it or step back into malaysia or sg even once again. Ghost island will starting to appear by 2018. Actually ppty investment in iskandar and sg are both risky, singapore can hardly be exempted from such impact.

 

[snowbird]

I was thinking of chances becoming a ghost town since they are able to sold 11k units...
Maybe a lot coming for the international school or retirements. Then at least those are pure users can at least create a sustaining economy overthere.

But wait....CG hire lots of agents, and if any agent able to make a sale, he will be heavily rewarded. Factor that in, suddenly everything seem clear liao. I believe there will be many gullible PRC sheeps being conned, buying into forest city for pure investment and will not be using it or step back into malaysia or sg even once again. Ghost island will starting to appear by 2018. Actually ppty investment in iskandar and sg are both risky, singapore can hardly be exempted from such impact.

In MY, all foreigners purchasing properties has to apply and get the State approval first.
In FC's case, the 12,000 units were supposedly sold in China and were approval granted to buyers already? Who are providing the loans? How much had the buyers paid up?
Very strange isn't it?

 

[Manhattan]

Likely they are all cash buyers, they can get loan from no bank. It's so cheap for them, only 1/5 of what they pay in Beijing. 12000 is not even 0.01℅ of the upper middle class. The biggest question is still, who will stay there when completed? Unless the education part is true and the kids will study in educity. And the grandparents here to retire while watching over the kids.

 

[winners]

In MY, all foreigners purchasing properties has to apply and get the State approval first.
In FC's case, the 12,000 units were supposedly sold in China and were approval granted to buyers already? Who are providing the loans? How much had the buyers paid up?
Very strange isn't it?

It could be like the similar tactic by CG Danga Bay: Buy 1 in Tiongland and get 1 free in JB.

 

[sgtsk]

“柔佛州和森林城市将会成为马来西亚新的经济增长重心，马来西亚政府将会继续大力支持森林城市发展。”12月6日，马来西亚总理纳吉布年内第二次来到中国企业在“一带一路”沿线建设的重大项目——碧桂园森林城市，第三次现场点赞碧桂园。当天，纳吉布与柔佛州务大臣拿督斯里卡立诺丁、中国驻马来西亚大使黄惠康等370位政商界人士，共同见证总市值超过6万亿元人民币的36家中外龙头企业（机构）集体签约，共建国际产能合作新城。

http://mp.weixin.qq.com/s/ZrMm6hYjBpCjIOczyYYCAw

 

[mpan12]

I think CG representative did openly come out to say there was no such thing as buy one get one free. But then again, it's up to one to believe these mainland Chinese people.

I think some could have bought all these Forest City and Danga Bay to wash dirty money. Not surprising. And indeed, seeing how ghost towns exist in China, I won't be surprised if it becomes a cold and deserted place after completion.

Many parts of Iskandar depend on foreign play. And the only foreigners investors or buyers can depend on mainly come from China. But they've alrready got Danga Bay and Forest City. I doubt they will consider other developments to buy either new or subsale.

It could be like the similar tactic by CG Danga Bay: Buy 1 in Tiongland and get 1 free in JB.

 

[kong1509]

Top 10 of the Year in Iskandar Malaysia (Year 2016).

Do you agree for this ranking for the Year 2016 by Southern Corridor Malaysia (SCM) ??

(1) ASTAKA

(2) SETIA SKY 88

(3) SUNGAI SEGGET

(4) R&F PRINCESS COVE

(5) COUNTRY GARDEN

(6) TEEGA RESIDENCE

(7) THE MERIDIN

(8) COASTAL HIGHWAY SOUTHERN LINK (CHSL)

(9) FOREST CITY

(10) DESARU COAST

Full HD Video:
=========
https://www.youtube.com/watch?v=cEVzwdvfLbk&feature=youtu.be

 

[Manhattan]

http://www.thestar.com.my/business/...ares-slump-after-surprise-resignation-of-cfo/

 

[snowbird]

http://www.thestar.com.my/business/...ares-slump-after-surprise-resignation-of-cfo/

The "surprise" resignation of a very senior officer in China and in this case the Chief Financial Officer of a listed company is usually due to some corruption scandal.
Wonder if it is like this here.

Anyway, it is already well known that Forest City is part to a jig-saw puzzle of China's Grand One Road One Belt Project.
It is build with the Mainland Chinese in mind.
With so many mega projects going on at the same time by Chinese companies in MY which will span over the next decade -

The multi billions RM East Coast Rail Link (ECRL)
The multi billions RM KL Bandar City Centre sold by scandalous 1MDB
The multi billions proposed new port on the Peninsula East Coast.
The multi million improvement to the newly acquired power plants from scandalous 1MDB
High possibility to construct another mega condo project in Penang after acquiring land from scandalous 1MDB
High possibility to construct the new proposed HSR from SG to KL.
And of course, the continuing construction of new islands for Forest City and on it, the infrastructure, apartment blocks, commercial and office buildings etc.

China will be sending tens of thousands people including senior Rail Engineers, Architects, M&E and Structural Engineers and all other specialists and supervisors all the way to artisan workers.
They will need accommodation and many will probably get a unit in Forest City where they will eventually send for their family members and finally work, live and play here for good.

 

[winners]

Heard that the upcoming mega port in Malacca will eventually be a naval base in disguise for the Chinks. Good luck to all the Bumis in Malaysia.

 

[snowbird]

A very interesting production by CNA on China Maritime Silk Road.
It also touched on the 1MDB scandal and how the Chinese capitalized on this by pumping in billions to buy up several strategic assets from bankrupted 1MDB.
From this video, it seems that all major investments in MY by Chinese companies are all "top down" initiations.

[video=youtube;VxfC4n_jN4E]https://www.youtube.com/watch?v=VxfC4n_jN4E[/video]

 

[enjoylife77]

South China Morning Post. Published 09 March 2017

Country Garden halts Malaysian housing sales to stem capital flight

Chinese developer Country Garden Holdings has closed all sales centres in mainland China for its flagship Malaysian housing project amid Beijing’s intensified crackdown on capital flight.

On Thursday, the South China Morning Post visited the project’s biggest Shanghai showroom on Tianshan Road, which only opened in October 2016. The gate was locked and the showroom empty.

A notice on the glass door said the showroom was “under renovation” but no renovation activities could be seen inside.

The Forest City project, covering 14 square kilometres of land on four artificial islands in Johor, Malaysia, was one of the best-known overseas properties among mainland Chinese residents due to Country Garden’s widespread promotion, including heavy advertising on state-owned television.

The development had been successful in attracting Chinese buyers by offering affordable prices and access to Malaysia’s visa programme for long-term stays.

A Country Garden spokesman confirmed with the Post that it had shut all the sales centres in mainland China for renovation, but said the move had nothing to do with China’s capital controls.

The spokesman estimated there were dozens of Country Garden sales centres in China, without giving the exact number.

A notice on the door of Country Garden’s Forest City showroom in Shanghai said ‘under renovation’. Photo: Daniel RenTo further curb capital outflows, the Chinese government in January banned its citizens from converting yuan into other currencies for overseas property purchases.

In the same month, Wu Bijun, general manager of Country Garden’s finance centre, who will become the company’s chief financial officer in April, told the Post that its projects in Malaysia had been affected by the government’s crackdown on capital outflows.

Alan Ho, a former sales agent at Country Garden’s Malaysia company, said about 90 per cent of Forest City buyers were from China.

Guangdong-based Country Garden, China’s second-largest developer, has four residential projects in Malaysia.

Initiated in 2013, the Forest City project faced many challenges at the beginning. The proposed massive reclamation at the junction of Singapore and Malaysia raised concerns on both sides about its environmental impact, and work was suspended in 2014.

China developer Country Garden expects 20 billion yuan in sales from Malaysia project this year

Construction restarted in 2015 with an expected investment of 250 billion yuan (US$36.2 billion) over 20 years and pre-sales were launched in 2016.

“We will develop apartments, villas as well as schools, hospitals, an exhibition centre and a financial special administrative region to achieve city-industry integration,” Country Garden president Mo Bin said at the time.

However, the Forest City project is losing its shine, according to Raymond Cheng, Hong Kong-based property analyst at CIMB Securities.

“The project doesn’t have much appeal to Malaysians while China’s crackdown on capital outflows will certainly slow its sales in China,” he said, adding that there probably would not be enough demand from Chinese buyers to keep sales going anyway.

Forest City has to date recorded contracted sales of about 20 billion yuan.

Shares in Country Garden slipped 3.4 per cent to HK$6.16 on Thursday.

 

[xebay11]

Any Kum Gong kias bought Forest City units? Good luck.

 

[rotikok]

Any Kum Gong kias bought Forest City units? Good luck.

Haha, not much local kum gongs....already 15K units sold to kumgongs foreingers

 

[snowbird]

Any Kum Gong kias bought Forest City units? Good luck.

According to this report, about RMB 20 billions sales had been achieved with 90% being Mainlander buyers.
So, only about RMB 2 billions sales were bought by "others" - including other foreigners with some Singaporeans, plus many SPRs, plus a couple of Malaysians.
RMB 2 billions is about RM1.28 billions and with an average @RM1.25 million per unit, so, only about 1,000 units were bought by others.
But then, with this uncertainty with future phases being on hold, all the new owners may have to stay in a ghost city located in the wilderness for a very long time.

 

[sgtsk]

I was thinking of chances becoming a ghost town since they are able to sold 11k units...
Maybe a lot coming for the international school or retirements. Then at least those are pure users can at least create a sustaining economy overthere.

But wait....CG hire lots of agents, and if any agent able to make a sale, he will be heavily rewarded. Factor that in, suddenly everything seem clear liao. I believe there will be many gullible PRC sheeps being conned, buying into forest city for pure investment and will not be using it or step back into malaysia or sg even once again. Ghost island will starting to appear by 2018. Actually ppty investment in iskandar and sg are both risky, singapore can hardly be exempted from such impact.

It is in the plan that FC could be an off shore financial centre when China's financial and wealth management markets are advanced enough. By then, Singapore would be pressed on all fronts.

 

[snowbird]

It is in the plan that FC could be an off shore financial centre when China's financial and wealth management markets are advanced enough. By then, Singapore would be pressed on all fronts.

Hello, developing a financial centre is not like building a shopping mall la, many critical factors are involved.
Look at Shenzhen, a developed city which is already some sort of financial centre with the second Chinese Stock Market located there.
Is Hongkong, which is just next door, threatened in any way??
Is Macau, which is also next door, threatened in any way?

 

[sgtsk]

Hello, developing a financial centre is not like building a shopping mall la, many critical factors are involved.
Look at Shenzhen, a developed city which is already some sort of financial centre with the second Chinese Stock Market located there.
Is Hongkong, which is just next door, threatened in any way??
Is Macau, which is also next door, threatened in any way?

I think China has demonstrated enough capacity and ability to do what it wants to do. I believe Shanghai would get back its status as East Asia's top financial center in one two decades, then it is able to extent its expertise to other off shore markets like FC by leveraging on newer technology like cloud computing, Fintec,...