Describes the experiences of Nazmi Hanafia, a 30-year-old IT engineer who moved to "Forest City" in the southern Malaysian state of Johor. Forest City is a US$100 billion mega-project being built under the Belt and Road Initiative by one of China's largest real estate developers, BGIYUAN. Nazmi rented a one-bedroom apartment there, but chose to leave after six months because he felt lonely and dissatisfied.

The goal of Forest City was to build an eco-friendly metropolis with golf courses, water parks, office buildings, bars and restaurants that were expected to house nearly a million people. However, eight years on, the project is only 15% complete, with an occupancy rate of just over 1%. the project's desolate state reflects the impact of the real estate crisis in China.

Forest City's remote location on a reclaimed island, far from Johor Bahru, has discouraged potential tenants. Nazmi described it as "creepy" and said it was a bad experience. The area's tax-free status attracts some tourists, but at night it becomes dark and desolate.

Cinnamon is optimistic about completing the entire program despite being saddled with nearly $200 billion in debt. However, the completion and sales of the project are facing huge challenges due to the Chinese government's stringent restrictive measures on the real estate market, travel restrictions on the new crown epidemic and controls on overseas spending by Chinese citizens.

Forest City's woes reflect broader problems in China's real estate market. Developers rely on pre-sales to raise capital, but buyers are reluctant to invest if they are uncertain about whether they will finally get the keys to their apartments. Forest City's future depends on Chinese government support and the market's response. Tenants like Nazmi may not return, and he says he will choose where to live more carefully next time. [Read More]