On September 20, 2024, the Malaysian government unveiled a series of incentives aimed at transforming Forest City, the multibillion-dollar mixed-use megacity project, into a special financial zone. Among these incentives are a 15% income tax rate for skilled workers, multiple-entry visas, and a zero-percent tax rate for family wealth offices, and attractive corporate tax rates. The goal - sparking life into what has been dubbed Malaysia's Ghost Town. Once touted as an eco-friendly metropolis, why did Forest City become a largely vacant white elephant, with only 15% of the development completed? The project, which was expected to house 700,000 residents, has attracted just 9,000 inhabitants to date. Will these new measures rejuvenate this struggling megacity? Can Forest City, originally designed as a residential and lifestyle hub, finally fulfil its original vision, or will it remain a cautionary tale of hyper ambition meeting economic realities? 00:00 Introduction 01:22 Forest City's selling point 07:24 COVID-19's impact on the Forest City 10:14 M'sian politics' impact on Forest City's sales 14:41 China property sector's downturn 20:22 Chinese regulations' impact on Forest City 22:37 Is Forest City really a Ghost Town? 28:41 How Malaysia plans to revitalize Forest City 32:41 Can Johor-Singapore Special Economic Zone boost Forest City? 36:47 Will Chinese real estate investors return? 39:25 What if developer Country Garden cannot continue the project? 43:05 What's next for Forest City? ========= ABOUT THE SHOW: Insight investigates and analyses topical issues that impact Asia and the rest of the world. ================== #CNAInsider #CNAInsight #Malaysia #ForestCity #Johor For more, SUBSCRIBE to CNA INSIDER! cna.asia/insideryoutubesub Follow CNA INSIDER on: Telegram: t.me/CNAInsiderSG Instagram: www.instagram.com/cnainsider/ Facebook: www.facebook.com/cnainsider/ Website: cna.asia/cnainsider

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