IRONICALLY, the project concerned is the one which Tun Mahathir READ : cursed on his second ride to power but did nothing to READ : put a stop to it, when he became the oldest Prime Minister in the world, claiming that billions will have to be paid in terms of compensation if the project was stopped.
MEET the RM 100 billion Forest City project in Johor or specifically its developer Country Garden Holdings, who was taken to court READ : by Malaysian and Singapore condo buyers for fraud and mis representation back in February 2023.
THE legal suit though would be the last thing on the mind of Country Garden Holdings owner Yang Huiyan, one of the richest women in China who on record has lost more money than any billionaire on the Bloomberg list of Billionaires since Covid 19 broke out.
YANG Huiyan, who controls 57 per cent of Country Garden Holdings, saw herc net worth plunge 84 per cenr since June 2021, or US$28.6 billion to US$5.5 billion.
COUNTRY Garden have US$199 billion in liabilities and READ : has missed $22.5M in interest payments on two dollar-denominated bonds, setting the stage for a possible default.
A default would have deep implications to China's property market and repercussions will be heard loud and clear in Muhyiddin Yassin's home state ; JOHOR.
