Called Forest City, the $100 billion metropolis will be able to accommodate 700,000 people. That’s about 20,000 more than the current population of Washington, DC — and it will have a density greater than Manhattan.
A new video taken by a drone offers a look at Forest City’s construction, which began in early 2016:
As you can see, a few apartment buildings and park spaces have already sprouted up, and some other towers are in progress. When Forest City is complete by 2040, it will have office buildings, parks, a transit network, hotels, restaurants, shops, schools, and 250,000 housing units.
While the mega-development sounds promising, several experts worry it could becomea ghost city, failing to attract the residents it needs to become a thriving metropolis. Since the 1970s, Chinese developers have built some-500 ghost cities in China. Forest City is expected to be the largest overseas project by a Chinese developer.
In April, nearly 60 home buyers , 70% of which are Chinese, cancelled their leases in Forest City, reportedly due to China’s increasing efforts to curb money from leaving the country.
As Business Insider previously reported, the supply of Forest City housing is outpacing demand. In 2016, Country Garden sold just 15,000 of the 250,000 Forest City residential units, totaling about $2.6 billion in sales, according to Yu Runze, the company’s chief strategy officer.
There aren’t many people walking around in the above video, but then again, Forest City is largely still under construction.
China’s new three-child policy highlights risks of aging across emerging Asia
Thailand’s (Baa1 stable) total dependency ratio is set to jump nine percentage points to 51% by 2030 – a faster increase than China’s – which will pressure public and private savings through higher taxes and social spending, reducing innovation and productivity gains.
Population aging in China (A1 stable) and other emerging markets in Asia will hurt economic growth, competitiveness and fiscal revenue, unless productivity gains accelerate, according to a new report by Moody’s Investors Service.(more…)
Clear skies over Asia’s new foreign investment landscape?
Compounding the fallout of the US–China trade war, the global pandemic and recession have caused considerable speculation on the future of foreign investment and global value chains (GVCs). But though there is likely to be some permanent change, it will probably not be as great as politicians expect.(more…)
Can border reopening revive tourism in South-East Asia?
In Thailand, where pre-pandemic tourism accounted for 11-12% of GDP, the country lost an estimated $50bn last year as Covid-19...
Thailand dropped from UK’s tough covid-19 travel ‘red list’
Earlier, Thailand was listed among countries with high infection levels that were put on a ‘red list’, requiring arrivals to...
The ASEAN-Russia Trade and Investment Cooperation Work Program
ASEAN and Russia recently agreed to enhance and widen economic cooperation at the 10th ASEAN Economic Ministers (AEM)-Russia Consultations held...
Flexible Workspace Startup Worklounge Debuts with 20+ Luxury Member Lounges in Thailand
Worklounge launches a premium membership granting remote professionals and executives access to exclusive hotel lounges across Thailand. Their platform is...
5 insights to guide ASEAN’s digital generation in a post-pandemic world
We surveyed 86,000 people from six ASEAN countries about their views for a post-pandemic world. The ASEAN Digital Generation Report...