Forest City is still the deepest discount in the region, and still a Pass

Forest City stays at Pass this week, unchanged, and it's worth saying why a pick with the deepest discount in the entire register still doesn't clear the bar. Country Garden's development is being repositioned as a special financial zone with visa-free entry, on paper a real catalyst.

The problem is occupancy, not price. Resale units here trade 40 to 50% below original launch prices, which would be genuine deep value if the SFZ narrative actually converts into people living and working there. Until it does, a discount on a mostly-empty development is still a discount on a mostly-empty development.