Beyond, a desert of dirt stretches into the distance, filled with cranes and piling towers that the Chinese developer is using to build a 0 billion city in the sea.
While Chinese home buyers have sent prices soaring from Vancouver to Sydney, in this corner of Southeast Asia it’s China’s developers that are swamping the market, pushing prices lower with a glut of hundreds of thousands of new homes.
“Overseas investors coming to Malaysia is a new phenomenon so it’s hard to predict.”Construction soon outpaced demand.
To sell the hundreds of new units being built every month, some companies took to flying in planeloads of potential buyers from China, prompting low-cost carrier Air Asia Bhd.
The influx has contributed to a drop of almost one-third in the value of residential sales in the state last year, with some developers offering discounts of 20 percent or more.
Average resale prices per square foot for high-rise flats in JB fell 10 percent last year, according to property consultant CH Williams Talhar & Wong.
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