Forest City, a multi-billion dollar property development near Singapore largely financed by mainland Chinese investors, is facing uncertainty after Malaysia’s prime minister, Mahathir Mohamad, publicly condemned sales of its property to foreign investors.
In a bid to ward off further inflation of Malaysia’s housing market, the 93-year-old leader said in a news conference on Aug. 27, “One thing is certain, that city that is going to be built cannot be sold to foreigners.”
