China’s largest property developer Country Garden revealed on Monday that its five activities executed in Malaysia are growing pretty ordinarily and with good enough sales performance, amid worries that the party encounters a debt problem. Its activities execution in Malaysia involve the mammoth US$100 billion (S$136 billion) Forest City in Johor, which got a boost previous week when Prime Minister Anwar Ibrahim said the government has named the project as “a special financial zone” to encourage the economy in southern Johor.
“To date, the approximate entire operation of the area is secure and stable,” the developer’s Malaysia and Singapore unit conveyed in a statement. “Our company’s projects in Malaysia are happening ordinarily and the sales are good enough and robust.” The statement added: “Several debt management measures are known to pretty much bring solutions to the pressure of periodic liquidity, to make sure the company’s long-term future growth.
” Country Garden Holdings had to deal with total liabilities of US$194 billion in the last months of 2022, with concerns about the outlook of Forest City and its other Malaysian projects. Around seven years after the happening of the project, most of the residential blocks have been seen to be devoid of residents, The Straits Times discovered on a latest visit. A very big reason seems to be that from the 26,000 units given to buyers, 70 per cent of them were discovered to be coming from the nation China.