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China is building a city bigger than Washington on 4 islands in Malaysia

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

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On four man-made Malaysian islands, Chinese developer Country Garden is building a huge new city. In one of the ads, the company bills it as “a dream paradise for all mankind.”

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.

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GM sells Thai factory to Chinese automaker GWM

After 20 years of operation in Thailand, General Motors will cease its activities, and resell its factory to the Chinese manufacturer Great Wall Motors

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General Motors (GM) announced it will stop selling Chevrolet vehicles in Thailand and sell its Rayong plant to Great Wall Motors (GWM) by the end of this year.

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Governments most exposed to coronavirus have strong fiscal and external buffers

Moody’s baseline assumption is that the economic effects of the outbreak will continue for a number of weeks, after which they will tail off and normal economic activity will resume.

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As measures to contain the coronavirus and fear of contagion hit consumption and production, downside risks to our GDP growth forecast for China (A1 stable) have increased., says Moody’s Research Announcement.

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China

In China, an Unprecedented Economic Transformation

China has been undergoing an economic transformation unlike any other on the planet through an Industrial Revolution, urbanization, and an information age o experiencing all three simultaneously.

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HONG KONG, Dec 19, 2019 – (ACN Newswire) – Lei Zhang’ 02 is investing in Chinese companies during an extraordinary moment in history, he told students at Yale SOM.

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