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.

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

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),