Malaysia announced on Friday tax breaks and incentives for the troubled Forest City development, a $100 billion project backed by Chinese developer Country Garden Holdings, in a bid to lure investments and spur economic growth in the area.

Malaysia is offering 0% tax rate for family offices to set up shop in its struggling mega-project Forest City, as it looks to revive investor interest in the $100 billion development near its border with Singapore.

Malaysia is offering zero per cent tax to attract wealthy Asians to set up family offices in the troubled mega-project, and revive Chinese-led project.

The government is also offering lower income tax rates for foreign workers as well as concessionary corporate tax rates to attract international firms.

A Single Family Office (SFO) is essentially a bespoke management entity set up by a wealthy family to oversee their financial affairs. Unlike multi-family offices, which juggle th

The government has launched the Forest City special financial zone (SFZ) in Johor, which would see companies being imposed a reduced corporate income tax rate of between zero to 5%. In launching the SFZ today,