A Chinese developer is building a $100 billion 'dream paradise'' but experts worry it could become a ghost city

By2040, four man-made Malaysian islands will have a slew of new high-rise apartment complexes, office buildings, parks, shopping malls, bus stops, hotels, restaurants, shops, schools, and sidewalks.The $100 billion metropolis, called Forest City, is being built byChinese developer Country Garden. The developersbillit as "a dream paradise for all mankind."While themega-development sounds promising, several writers and housing expertsworry it could become a ghost city ' in this case, a high-tech, luxury urban center that fails to attract many residents. Since the 1970s, Chinese developers have builtsome-500 ghost cities in China.Nearly 60 home buyers, 70% of which are Chinese, have nowcancelled their leases in Forest City, reportedly due to China's increasing efforts to curb money from leavingthe country. In late March, China set new restrictions on the ways Chinese can invest and use their credit cards abroad, according to The New York Times.While Forest City's developer is Chinese, residents must make housing payments in Malaysia. As a result,many Chinese buyers say they are having trouble making credit card payments on their Forest City apartments, due to the government's restrictions on transactions.A spokesperson from Country Garden told Business Insider on April 7 that it is talking to buyerswho may breaktheir contracts to work out payment issues. The company will also issuerefunds to those who decide to pull out.Take a look at the city's plans below.SEE ALSO:11 billion-dollar mega-projects that will transform New York City by 2035DON'T MISS:12 eerie photos of enormous Chinese cities completely empty of peopleSet to be complete by 2040, Forest City will be located on four man-made Malaysian islands. Construction began in early 2016, and the project is expected to be the largest overseas project by a Chinese developer.The 5.4-square-mile city ' about four times the size of Central Park ' will be able to accommodate 700,000 people.'This is a very dense development. The density will be greater than Manhattan,' Michael Grove. one of the development's master-planners from New York-based design firm Sasaki, tells Business Insider.See the rest of the story at Business Insider
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