April, 2017

  1. Country Garden stops free flights for Forest City ‘buyers’

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    April 25, 2017 by iskandarinsider

    forest-city_Country-Garden_artist-impression_fd070417
    KUALA LUMPUR: Property developer Country Garden Holdings Co Ltd has stopped providing free flights to bring in potential buyers from mainland China to its sales gallery in Iskandar Malaysia, Johor, which previously formed part of its marketing campaign to lure investors to buy properties in itsCountry Garden Holdings Co Ltd development in the Strait of Johor.

    “Since March 13, 2017, our sales galleries in China have ceased all travel-related support services for mainland Chinese travelling to Forest City. This means mainland Chinese buyers who are interested in the Forest City project will have to find their own way to our sales gallery in Iskandar Malaysia,” Country Garden said in a statement yesterday.

    The Forest City development comprises four man-made islands sandwiched between Johor and Singapore, with a land area measuring 1,386ha, about three times the size of Sentosa Island.

    The mammoth project, costing US$100 billion (RM443 billion), was in the limelight recently after Beijing introduced tighter rules to curb capital flight, which was estimated by the Institute of International Finance to have reached a record US$725 billion last year.

    Last month, Country Garden closed its Forest City sales galleries in China as the government launched a crackdown on capital flight by banning its citizens from converting yuan into other currencies for overseas property purchases.

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