Putrajaya's gripe with the Forest City project is that free residential units within the development are being offered in exchange for investments in China, according to Economic Affairs Minister Mohamed Azmin Ali.
Azmin said this in stressing the need for people to understand why Putrajaya is reviewing the Johor development specifically.
"What happened was the transaction was not done in Johor or Malaysia.
"There is... this special programme where if you invest a certain amount of money in China, you get a free unit in Forest City.
“So, certainly, we cannot allow that," Azmin said at a press conference after the government's Future of Bumiputeras & the Nation Congress (KBN 2018), at the Kuala Lumpur Convention Centre today.
Azmin said such practices will not benefit Malaysia's economy.
"They pay taxes in China, they do transaction in China, but it doesn’t benefit us and our economy in Malaysia…they are planning to bring in 700,000 Chinese from mainland China to own these properties in Forest City," he said.
Azmin said the government wants to ensure that all investments coming from China must be able to create value for local parties and for the country.
"That's the type of investment we want to see in the future," he said.
Prime Minister Dr Mahathir Mohamad had previously said Malaysia will no longer allow foreigners to buy the residential units in the RM410 billion Forest City project in Johor.
However, Forest City disputed the premier's remark, stating that he had told them otherwise. - Mkini
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