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KUALA LUMPUR/SINGAPORE, Aug 28 - Embattled Chinese developer Country Garden said on Monday its $100-billion project in Malaysia was proceeding as planned and it had sufficient assets, despite concerns about its financial strength amid debt woes.
"Various debt management measures are considered to actively resolve the pressure of periodic liquidity, to ensure the company's long-term future development," it added, without elaborating. The Chinese developer is building its largest overseas development, the massive Forest City project, across four reclaimed islands in the southern Malaysian state of Johor bordering the wealthy city state of Singapore.
The project aims to house 700,000 people by 2035 in a development that includes office towers, malls and schools, besides residential buildings. RHB analyst Loong Kok Wen said the new designation would attract companies and residents from Singapore, where costs are considerably higher.
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