KUALA LUMPUR: The development of Forest City will be reviewed due to its property unit sales terms which do not benefit the country.
Economic Affairs Minister Datuk Seri Azmin Ali said the evaluation of the project which involved US$100 billion would also include the large influx of 700,000 Chinese nationals to Johor.
"We need to understand the government's decision to review the Forest City development because the project's transaction is not taking place in Johor or any other place in the country.
"They have a special programme provided by the Chinese government, which stipulates that if their countrymen make a certain investment, they receive a perk in the form of a free housing unit in Forest City.
"That is why, of course, we cannot let this happen since both the payment of taxes and execution of transactions is being carried out in China.
"This has will not benefit us, especially in the economic sector", Azmin told a media conference at the end of Congress on Future of Bumiputera and the Nation 2018 today.
He said any investment from China should lead to economic spillover to local industries, instead of resulting in a lopsided outcome. © New Straits Times Press (M) Bhd