Country Garden’s Malaysia Project to Get New Tax Breaks, PM Says

Forest City, Country Garden Holdings Co.’s mega-development off Malaysia’s southern coast, will be designated a special financial zone and will be granted benefits aimed at attracting more residents, Prime Minister Anwar Ibrahim said.

The incentives will include multiple-entry visas, fast-track access for those working in Singapore and a flat income tax rate of 15% for knowledge workers, Anwar said Friday while on tour seeking feedback on his government’s 2024 budget. The incentives will come on top of Forest City’s existing tax breaks, which include duty-free liquor sales.

A model of the Forest City development is displayed at the Country Garden property showroom in Iskandar Malaysia zone of Johor Bahru, Malaysia, in 2016.

Photographer: Ore Huiying/Bloomberg

Distressed China-based developer Country Garden a decade ago began building Forest City ...