News Malaysiakini

Report: Forest City Chinese buyers face 30 percent penalty clause

Malaysiakini  |  Published:  |  Modified:

Chinese buyers of homes at the Forest City development project in Johor are reportedly stuck between a rock and a hard place.

After being unable to proceed with their purchases due to China’s capital controls, they now have to pay the project’s developer a hefty compensation for backing out from the deals.

After some of the buyers tried to seek refunds for the 10 percent deposit they paid for the units by developer Country Garden PacificView Sdn Bhd (CGPV), they were however told that they had to pay a penalty equivalent to 30 percent of the purchase price for not going ahead with the deal...

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