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.

The project was canceled in 2021 over high costs, but Malaysia’s current administration revived it last year on the condition that it’s not funded by taxpayers.

BEIJING (Reuters) - Malaysia's king Sultan Ibrahim will visit China from Thursday, the first by a Malaysian monarch in a decade, where he will meet President Xi Jinping and likely seek support for projects boosting connectivity to neighbouring Singapore.