Country Garden Welcomes Malaysia's Minister of Finance in Sign of Growing China-Malaysia Cooperation

FOSHAN,China,Aug. 29,2019 -- Country Garden Holdings (HK 02007) ("Country Garden"),the parent company of Forest City Malaysia's developer and operator CGPV,recently welcomed Lim Guan Eng,Malaysia's Minister of Finance to its headquarters in Guangdong,China to communicate about development opportunities with benefits to both sides amidst growing Sino-Malay cooperation.

During the visit on August 18,impressed by Country Garden's innovative use of technology in transforming uncultivated land into a promising commercial hub,Lim suggested that the company considers Johor Bahru,where Forest City Malaysia located as a bridgehead to introduce more sophisticated high technology to Malaysia.

Lim's visit comes amidst growing trade and infrastructure cooperation initiatives between China and Malaysia as part of China's Belt and Road initiative,many of which benefit the Forest City development.

Earlier this year in April,Malaysian maritime services company KA Petra and Hong Kong-based port operator Hutchison Ports signed an agreement to invest more than the US $150 million in the project in the Johor Baru port waters,is billed as the "world's biggest" ship-to-ship (STS) transfer facility. The Project is expected to contribute over RM 18 billion annually to Malaysia's economy and drives the agglomeration and development of warehousing,transportation,trade,finance,and other related industries in the neighbouring region.

In the same month,China and Malaysia have also renewed commitments to build the East Coast Rail Link (ECRL),which will connect the two nations via high-speed rail. In addition,Chinese and Malaysian government agencies and technology giants have signed partnerships to increase collaboration in robotics,automobiles,intelligent manufacturing and the Internet of Things. To make positive trade relations between the two countries grow,Darell Leiking,Minister of International Trade and Industry of Malaysia,noted in one of of his public speech that the Malaysia government "will make sure it will be easy for the Chinese to do business here."

Alongside growing infrastructure and trade projects between China and Malaysia,Forest City also will benefit from increased Malaysian government investment in the Johor Bahru region. The Malaysian government plans to double the size of the Iskandar SEZ,with President Mahathir noting its importance as Malaysia's next economic hub. The Iskandar Development Authority of Malaysia (IRDA) has also proposed the construction of a Bus Rapid Transit (BRT) network,efficiently connecting major cities in the region.

"Forest City is in a region with incredible locational advantage and immense economic potential." Zhou Jun,Brand Management General Manager of Forest City Malaysia noted that,an intelligent manufacturing industrial park will be built to attract high-tech enterprises,aiming to building a sustainable city of corporate headquarters base and livable community.

About Forest City

Forest City is co-developed by Country Garden and Johor government-backed Esplanade Danga 88 Sdn Bhd (EDSB). It is strategically located in the fast-growing Iskandar Development Region,Malaysia,injecting another source of growth in ASEAN. It is adjacent to Tuas second link,spanning approximately 30 square kilometres,including four man-made islands,golf resort and IBS industrial park. Forest City is positioned as a smart and green industrial city that plans to develop eight major industries,including Tourism & MICE,Healthcare,Education & Training,Regional Headquarters,Nearshore Finance,E-Commerce,Emerging Technology and Green & Smart industry,combining environment,technology and industry integration design concept to establish an ideal and technology-driven living and working space,building a prime model of future cities.

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