Property Impact: Forest City

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Juwai.com: Chinese buyer reaction to Tun Dr Mahathir’s comments saying no foreigners allowed in Forest City

Local news went abuzz over Malaysia Prime Minister’s remarks as to no foreigners allowed in Forest City and Carrie Law, CEO and Director of Juwai.com, the No. 1 Chinese international real estate website and the exclusive international real estate partner to Chinese online giant Tencent, said:

“This could be bad news for Forest City, but it’s hard to know what it really means. It might not mean anything at all. It could just be a media report taken out of context. It could be a negotiating tactic. Remember, Country Garden plans to deliver the first 482 Forest City units in December.

“If Forest City does indeed include more affordable housing so locals can also live there, that will benefit anyone who has bought there. A development occupied by both foreign investors and locals will tend to have higher returns and resale value.

“I wouldn’t jump to any conclusions based on this one statement about investment in Forest City or about investment in Malaysia as a whole. Even the Johor State government doesn’t know if the Prime Minister misspoke, was misquoted, or what. Mahathir said earlier this month that he welcomed investment in Forest City. So, now he has come down on both sides of the issue.

“Right now, the main impact of this statement has been to cause a lot of head-scratching. As they say in England, we should keep calm and carry on until more information becomes available.”