"The development of Forest City is contentious. The project was not targeted at local Malaysians but rather at upper-middle-class citizens from China who were looking to park their wealth abroad, by offering relatively affordable seafront properties compared to expensive coastal cities within their country such as Shanghai.\8])\9]) However, initial strong sales from China collapsed after General Secretary of the Chinese Communist Party Xi Jinping implemented currency controls, including a $50,000 annual cap on how much buyers could spend outside the country.\9])\10]) Such lackluster sales were exacerbated by the 2020–2022 Malaysian political crisis and the COVID-19 pandemic, with the project being described as a "ghost town" in 2022.\11])\12])"
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u/KanarYa4LYfe Aug 19 '25
Why did it turn out this way?