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<!DOCTYPE html> <html lang="en" class=" story nytapp-vi-article " xmlns:og="http://opengraphprotocol.org/schema/"> <head> <meta charset="utf-8" /> <title data-rh="true">In a Malaysian Pop-Up City, Echoes of China’s Housing Crash - The New York Times</title> <meta data-rh="true" name="robots" content="noarchive, max-image-preview:large"/><meta data-rh="true" name="description" content="Forest City was an audacious $100 billion project by a top Chinese developer. Today, the project is a fraction of what had been planned and the developer is broke."/><meta data-rh="true" property="twitter:url" content="https://www.nytimes.com/2024/10/22/business/forest-city-country-garden.html"/><meta data-rh="true" property="twitter:title" content="In a Malaysian Pop-Up City, Echoes of China’s Housing Crash"/><meta data-rh="true" property="twitter:description" content="Forest City was an audacious $100 billion project by a top Chinese developer. 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When we have confirmed access, the full article content will load.</div></div><div id="fullBleedHeaderContent"><header class="css-1sdlmo7 evmxed20"><div class="css-wwc6ca"><div data-testid="imageblock-wrapper"><figure class="sizeFull layoutHorizontal css-1wyt60f" aria-label="media" role="group"><div class="css-1wgfp4k" data-testid="imageContainer-children-Image"><picture><source media="(max-width: 599px) and (min-device-pixel-ratio: 3),(max-width: 599px) and (min-resolution: 3dppx),(max-width: 599px) and (min-resolution: 288dpi)" srcSet="https://static01.nyt.com/images/2024/10/21/multimedia/00China-GhostCity-01-wpzk/00China-GhostCity-01-wpzk-mobileMasterAt3x-v2.jpg?quality=75&auto=webp&disable=upscale&width=1800"/><source media="(max-width: 599px) and (min-device-pixel-ratio: 2),(max-width: 599px) and (min-resolution: 2dppx),(max-width: 599px) and (min-resolution: 192dpi)" srcSet="https://static01.nyt.com/images/2024/10/21/multimedia/00China-GhostCity-01-wpzk/00China-GhostCity-01-wpzk-mobileMasterAt3x-v2.jpg?quality=75&auto=webp&disable=upscale&width=1200"/><source media="(max-width: 599px) and (min-device-pixel-ratio: 1),(max-width: 599px) and (min-resolution: 1dppx),(max-width: 599px) and (min-resolution: 96dpi)" srcSet="https://static01.nyt.com/images/2024/10/21/multimedia/00China-GhostCity-01-wpzk/00China-GhostCity-01-wpzk-mobileMasterAt3x-v2.jpg?quality=75&auto=webp&disable=upscale&width=600"/><img alt="High-rise, luxury buildings photographed with a body of water before them and a blue sky behind them." class="css-1kqp8i3" src="https://static01.nyt.com/images/2024/10/21/multimedia/00China-GhostCity-01-wpzk/00China-GhostCity-01-wpzk-articleLarge.jpg?quality=75&auto=webp&disable=upscale" srcSet="https://static01.nyt.com/images/2024/10/21/multimedia/00China-GhostCity-01-wpzk/00China-GhostCity-01-wpzk-articleLarge.jpg?quality=75&auto=webp 600w,https://static01.nyt.com/images/2024/10/21/multimedia/00China-GhostCity-01-wpzk/00China-GhostCity-01-wpzk-jumbo.jpg?quality=75&auto=webp 1024w,https://static01.nyt.com/images/2024/10/21/multimedia/00China-GhostCity-01-wpzk/00China-GhostCity-01-wpzk-superJumbo.jpg?quality=75&auto=webp 2048w" sizes="100vw" decoding="async" width="600" height="400"/></picture></div><figcaption data-testid="photoviewer-children-ImageCaption" class="css-ktho12 e3rygrp0"><span class="css-jevhma e13ogyst0">Forest City stands on one of four planned man-made islands on the tip of southern Malaysia.</span><span class="css-14fe1uy e1z0qqy90"><span class="css-1ly73wi e1tej78p0">Credit...</span><span><span aria-hidden="false">Amrita Chandradas for The New York Times</span></span></span></figcaption></figure></div></div><div class="css-12s25qj"><div><div class="css-1vkm6nb ehdk2mb0"><h1 id="link-2c56e8d9" class="css-4um83n e1h9rw200" data-testid="headline">In a Malaysian Pop-Up City, Echoes of China’s Housing Crash</h1></div><p class="css-178vgup e1wiw3jv0">Forest City was an audacious $100 billion project by a top Chinese developer. Today, the project is a fraction of what had been planned and the developer is broke.</p></div></div></header><div class="css-yi0xdk e89cr9k0"><p class="css-a8rmpe" aria-hidden="true"><span class="css-1f9pvn2 business">Forest City stands on one of four planned man-made islands on the tip of southern Malaysia.</span><span class="css-14fe1uy e1z0qqy90"><span class="css-1ly73wi e1tej78p0">Credit...</span><span><span>Amrita Chandradas for The New York Times</span></span></span></p></div><div id="sponsor-wrapper" class="css-1hyfx7x"><div id="sponsor-slug" class="css-19vbshk"><p>Supported by</p></div><a href="#after-sponsor" class="css-777zgl">SKIP ADVERTISEMENT</a><div class="ad sponsor-wrapper css-rfqw0c" id="sponsor"></div><div id="after-sponsor"></div></div><div class="css-1wx1auc e89cr9k1"><div class="css-1mc46rn"><div class="css-1von7hd"><audio preload="metadata" 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apartments once marketed as luxury homes to China’s newly rich.</p></div></div></div><ul class="css-1cgskve epjyd6m3"><li class="css-ccw2r3 epjyd6m2"><time dateTime="2024-10-22T00:02:00-04:00" class="css-qr5h11 e16638kd2"><span class="css-1sbuyqj e16638kd3">Oct. 22, 2024</span></time></li></ul></div><div class="css-wvf1u4"><a class="css-lyh2hh" href="https://cn.nytimes.com/business/20241023/forest-city-country-garden/" data-version="zh-hans" title="Read in Simplified Chinese">阅读简体中文版</a><a class="css-lyh2hh" href="https://cn.nytimes.com/business/20241023/forest-city-country-garden/zh-hant/" data-version="zh-hant" title="Read in Traditional Chinese">閱讀繁體中文版</a></div></div></div><section name="articleBody" class="meteredContent css-1r7ky0e"><div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-0"><div class="css-53u6y8"><p class="css-at9mc1 evys1bk0">It was an audacious real estate project undertaken a decade ago by a Chinese developer: a $100 billion city in Malaysia built on sand and shrubby mangroves and sold as a luxury “dream paradise” for China’s middle class.</p><p class="css-at9mc1 evys1bk0">Many of Forest City’s residents today are transient — the caretakers of the grounds who sweep the empty roads and pick up the garbage, trim the hedges and water the plants.</p><p class="css-at9mc1 evys1bk0">“I see so many new faces,” said Thana Selvi, who works at KK Supermart, a brightly lit convenience store that stands out among the mostly boarded-up, empty spaces on the street level. She rents a room in an apartment above the shop, month to month, for $118.</p></div><aside class="css-ew4tgv" aria-label="companion column"></aside></div><div data-testid="Dropzone-1"></div><div class="css-s99gbd StoryBodyCompanionColumn" data-testid="companionColumn-1"><div class="css-53u6y8"><p class="css-at9mc1 evys1bk0">At a distance, Forest City’s rows of high-rises tower over the Johor Strait between Singapore and Malaysia like a monument to China’s economic triumphs. Up close, the streets are quiet, most apartments are dark and large stone slabs demarcate the lush forest from the “land to be developed.”</p></div><aside class="css-ew4tgv" aria-label="companion column"></aside></div><div data-testid="ImageBlock-3"><div data-testid="imageblock-wrapper"><figure class="img-sz-large css-hxpw2c e1g7ppur0" aria-label="media" role="group"><div class="css-1xdhyk6 erfvjey0" data-testid="photoviewer-children-figure"><span class="css-1ly73wi e1tej78p0">Image</span><picture><source media="(max-width: 599px) and (min-device-pixel-ratio: 3),(max-width: 599px) and (min-resolution: 3dppx),(max-width: 599px) and (min-resolution: 288dpi)" srcSet="https://static01.nyt.com/images/2024/10/24/multimedia/00China-GhostCity-03-pjzk/00China-GhostCity-03-pjzk-mobileMasterAt3x.jpg?quality=75&auto=webp&disable=upscale&width=1800"/><source media="(max-width: 599px) and (min-device-pixel-ratio: 2),(max-width: 599px) and (min-resolution: 2dppx),(max-width: 599px) and (min-resolution: 192dpi)" srcSet="https://static01.nyt.com/images/2024/10/24/multimedia/00China-GhostCity-03-pjzk/00China-GhostCity-03-pjzk-mobileMasterAt3x.jpg?quality=75&auto=webp&disable=upscale&width=1200"/><source media="(max-width: 599px) and (min-device-pixel-ratio: 1),(max-width: 599px) and (min-resolution: 1dppx),(max-width: 599px) and (min-resolution: 96dpi)" srcSet="https://static01.nyt.com/images/2024/10/24/multimedia/00China-GhostCity-03-pjzk/00China-GhostCity-03-pjzk-mobileMasterAt3x.jpg?quality=75&auto=webp&disable=upscale&width=600"/><img alt="Discarded boats on a beach with high-rises behind them." class="css-r3fift" src="https://static01.nyt.com/images/2024/10/24/multimedia/00China-GhostCity-03-pjzk/00China-GhostCity-03-pjzk-articleLarge.jpg?quality=75&auto=webp&disable=upscale" srcSet="https://static01.nyt.com/images/2024/10/24/multimedia/00China-GhostCity-03-pjzk/00China-GhostCity-03-pjzk-articleLarge.jpg?quality=75&auto=webp 600w,https://static01.nyt.com/images/2024/10/24/multimedia/00China-GhostCity-03-pjzk/00China-GhostCity-03-pjzk-jumbo.jpg?quality=75&auto=webp 1024w,https://static01.nyt.com/images/2024/10/24/multimedia/00China-GhostCity-03-pjzk/00China-GhostCity-03-pjzk-superJumbo.jpg?quality=75&auto=webp 2048w" sizes="((min-width: 600px) and (max-width: 1004px)) 84vw, (min-width: 1005px) 80vw, 100vw" uri="nyt://image/576fb972-fc00-5490-99ef-2f46afface8a" decoding="async" width="600" height="400"/></picture></div><figcaption data-testid="photoviewer-children-caption" class="css-1g9ic6e ewdxa0s0"><span class="css-jevhma e13ogyst0">The Forest City skyline.</span><span class="css-14fe1uy e1z0qqy90"><span class="css-1ly73wi e1tej78p0">Credit...</span><span><span aria-hidden="false">Amrita Chandradas for The New York Times</span></span></span></figcaption></figure></div></div><div data-testid="ImageBlock-4"><div data-testid="imageblock-wrapper"><figure class="img-sz-large css-hxpw2c e1g7ppur0" aria-label="media" role="group"><div class="css-1xdhyk6 erfvjey0" data-testid="photoviewer-children-figure"><span class="css-1ly73wi e1tej78p0">Image</span><div class="css-nwd8t8" data-testid="lazy-image"><div data-testid="lazyimage-container" style="height:257.77777777777777px"></div></div></div><figcaption data-testid="photoviewer-children-caption" class="css-1g9ic6e ewdxa0s0"><span class="css-jevhma e13ogyst0">Country Garden planned to build as many as 700,000 apartments and said it will continue to develop “according to demand.”</span><span class="css-14fe1uy e1z0qqy90"><span class="css-1ly73wi e1tej78p0">Credit...</span><span><span aria-hidden="false">Amrita Chandradas for The New York Times</span></span></span></figcaption></figure></div></div><div data-testid="Optimistic-5"><div class="css-1336jj"><div class="css-121kum4"><div class="css-171d1bw"></div><div class="css-asuuk5"><noscript><div class="css-7axq9l" data-testid="optimistic-truncator-noscript"><svg width="24" height="24" viewBox="0 0 24 24" aria-hidden="true" class="css-1b5b8u1"><path fill="currentColor" fill-rule="evenodd" d="M2.5 12a9.5 9.5 0 1 1 19 0 9.5 9.5 0 0 1-19 0Zm8.5 1.75v-7.5h2v7.5h-2Zm0 2v2h2v-2h-2Z" clip-rule="evenodd"></path></svg><div data-testid="optimistic-truncator-noscript-message" class="css-6yo1no"><p class="css-3kpklk">We are having trouble retrieving the article content.</p><p class="css-3kpklk">Please enable JavaScript in your browser settings.</p></div></div></noscript><div class="css-1dv1kvn" id="optimistic-truncator-a11y" tabindex="-1"><hr/><p>Thank you for your patience while we verify access. 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Two years later, China, fearing the collapse of its currency because money was streaming out of the country, stopped citizens from buying property in Malaysia and other nations."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":true,"adsDesktopHoldout":false,"adsHybrid":true,"adsMobile":true,"adsMobileHoldout":false,"bad":false,"index":15},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"Local Malaysian authorities, who have a 40 percent financial stake in Forest City, have tried to revive interest in the project. 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They said they bought an apartment in 2016 and traveled from a coastal city in Zhejiang to Forest City once a year for vacation."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":true,"adsMobileHoldout":false,"bad":false,"index":31},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"Most of the owners in Forest City seem to rent their apartments out and live in China. Across China, so many developers went bust that vast numbers of home buyers were left stranded without the apartments they had paid for. Some people who own units in Forest City, speaking in a private group on Chinese social media, recently expressed relief that their apartments had been built."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":32},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"Country Garden said 80 percent of its apartments were sold to buyers from more than 20 countries. The developer declined to say how many people were living at Forest City today."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":true,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":33},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"But on a trip last month,"},{"__typename":"TextInline","formats":[{"__typename":"BoldFormat","type":null}],"text":" "},{"__typename":"TextInline","formats":[],"text":"Forest City looked abandoned. Most of the people there were Chinese tourists, restaurant and store owners and a team of landscapers, cleaners and security guards from Indonesia, Nepal, Pakistan and Bangladesh who worked tirelessly to keep things running. Early in the morning, before the hot sun, some of the workers rested on the balconies of Forest City apartments, their cleaning rags and sarongs hanging to dry."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":true,"bad":false,"index":34},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"On the street level, two Chinese businessmen, using a translation app on their phones, tried to enlist laborers from Bangladesh to do some work."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":true,"adsMobileHoldout":false,"bad":false,"index":35},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"Nearby, a group of Nepalese security guards stood in a perfect line to greet their Forest City manager."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":true,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":false,"index":36},{"__typename":"ParagraphBlock","content":[{"__typename":"TextInline","formats":[],"text":"Outside the city, along a highway built by Country Garden leading to the causeway connecting it to Singapore, landscapers in green shirts and the occasional sun hat hunched over hedges or blew leaves off the street."}],"textAlign":"LEFT"},{"__typename":"DetailBlock","content":[{"__typename":"TextInline","formats":[],"text":"Zixu Wang"},{"__typename":"TextInline","formats":[],"text":" contributed reporting."}],"textAlign":"LEFT"},{"__typename":"Dropzone","adsDesktop":false,"adsDesktopHoldout":false,"adsHybrid":false,"adsMobile":false,"adsMobileHoldout":false,"bad":true,"index":37},{"__typename":"RelatedLinksBlock","description":[],"displayStyle":"STANDARD","related":[{"__typename":"Article","bylines":[{"__typename":"Byline","creators":[{"__typename":"Person","displayName":"Alexandra Stevenson","id":"UGVyc29uOm55dDovL3BlcnNvbi85NTc4MGQ2MC1hMjViLTU2ZjYtOWQxNC1mYWMyMzI2Njk0NDQ="}]}],"collections":[],"firstPublished":"2024-05-24T04:00:31.000Z","headline":{"__typename":"CreativeWorkHeadline","default":"China Has a Plan for Its Housing Crisis. 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