China’s real estate crisis threatens to spread, with a $100bn project in Malaysia a potential victim of cross-default.
The half-built Forest City project, a 60:40 joint venture between China’s Country Garden and Malaysian state-owned Esplanade Danga 88, aims to house 700,000 people by 2035 in a mixed-use development.
It is feared that any default in China by the developer could lead to a cross-default for other projects which have not been sufficiently ring-fenced.
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Including:
Mitsubishi Estates and Co-Re appoint Savills to help lease the development’s office space
Decision deferred on former National Institute of Agricultural Botany revamp
Developer has taken 10 storeys off proposals since first filing
Colliers appointed to lease 50,000 sq ft of office space in the Salford Quays development
