KUALA LUMPUR, Sept 14 — As cash-strapped developer Country Garden battles to stave off default, its sprawling US$100 billion (RM468 billion) development in Malaysia has come...
KUALA LUMPUR, Sept 14 — As cash-strapped developer Country Garden battles to stave off default, its sprawling US$100 billion development in Malaysia has come under scrutiny from creditors even as the South-east Asian nation dangles financial incentives to lure investments.
As it struggles with weak cash flow and a wall of repayment obligations, Country Garden’s prospects of deploying additional capital to the project now look increasingly challenging, analysts say. The Chinese developer is also unlikely to see any revenue boost from the project any time soon. As financial stress mounts on Country Garden, help from the Malaysian government will be crucial for the success of the development and the company may have to bring in external investors to revive the project, said Foo Gee Jen, Group Managing Director at real estate agency and consultancy CBRE-WTW.
The four-storey mall had only around a dozen shops open, with cleaners outnumbering shoppers. One of the hotels was largely empty and the rooftop bar that sat atop it remained closed even though its owners told Reuters in February it would open in March. Another agent said his client was looking to sell a unit after three years as he was unhappy with the pace of development.
Anwar, Malaysia’s prime minister, has designated Forest City a “special financial zone” to attract investment, which Forest City said would help with its marketing.
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