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 into setting up family offices in the troubled Chinese-led mega project Malaysia on Friday said it will offer a zero per cent tax rate to entice Asia's rich to set up family offices in the Forest City Special Financial Zone (SFZ),