Wall Street Journalさんのインスタグラム写真 - (Wall Street JournalInstagram)「On the southern tip of peninsular Malaysia, a cluster of high rises built to house tens of thousands of people in luxury condominiums overlooks the sea. Nearly a decade after troubled Chinese real-estate giant Country Garden began building the enclave, it is almost completely vacant.⁠ ⁠ The $100 billion development called Forest City, meant to be the company’s flashy overseas showpiece, has instead become a target of creditors as the developer shows signs of financial distress.⁠ ⁠ The mostly empty Forest City project is a towering reminder of some of the core problems that have taken down China’s once-booming property sector—high borrowing and overbuilding, mixed with a streak of bad luck. Forest City embodies Country Garden’s strategy of churning out megaprojects in places with high potential and low land costs, a model that fueled its growth when China’s property market was booming.⁠ ⁠ Once a major driver of growth for China’s economy, the property sector boomed for decades as developers borrowed heavily and built big. Then Beijing tightened credit on developers to curb speculative behavior, and economic troubles during the Covid-19 pandemic exacerbated the slowdown.⁠ ⁠ Read more at the link in our bio.⁠ ⁠ 📷: @orehuiying for @wsjphotos」9月14日 10時00分