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1.Market Observations, 8.Was Sticky

28 Nov 2016 (AFR) – Chinese-made $100 billion city near Singapore ‘scares everybody’

(28 November 2016, AFR, p34, by Pooja Thakur Mahrotri and En Han Choong)

‘The landscaped lawns and flowering shrubs of Country Garden‘s huge property showroom in southern Malaysia end abruptly at a small wire fence. Beyond, a desert of dirt stretches into the distance, filled with cranes and piling towers that the Chinese developer is using to build a $100 billion city in the sea. While Chinese home buyers have sent prices soaring from Vancouver to Sydney, in this corner of South-east Asia it’s China’s developers that are swamping the market, pushing prices lower with a glut of hundreds of thousands of new homes. They’re betting that the city of Johor Bahru, bordering Singapore, will eventually become the next Shenzhen. “These Chinese players build by the thousands at one go, and they scare the hell out of everybody,” said Siva Shanker, head of investments at Axis-REIT Managers and a former president of the Malaysian Institute of Estate Agents. “God only knows who is…’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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