SINGAPORE (June 23): The US$100 billion city rising from the sea next to Singapore has hit a roadblock: China’s capital controls. “I don’t know what punishment I may get.”Country Garden said the controls have not had a material effect on sales and construction at Forest City is continuing. Country Garden’s “Forest City” alone called for a US$100 billion high-rise town to be built on artificial islands within a few hundred yards of Singapore. The company said it sold 16,000 residential units in Forest City last year. Yu, the buyer from Guangzhou, worries that the thousands of apartments still to be built at Forest City will be hard to sell without Chinese buyers.

Source: The Edge Markets June 23, 2017 02:48 UTC