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Malaysia is estimated to be one of the four largest recipients of Chinese Belt and Road Initiative investment worldwide, with China surpassing Singapore to become the largest foreign investor in Malaysia in 2016. Chinese investment in Malaysia consists largely of top-down urban mega-developments, many of which are built on reclaimed land and have faced significant criticism from locals, media, environmentalists, and politicians for their audacious plans, exclusive nature, and disregard for local people and ecosystems. Using Forest City as a case study, this paper introduces the concept of urban speculation for survival to elaborate on how – beyond their initial planning and financing – foreign-owned, master-planned megaprojects involve continual speculation as they navigate shifting political contexts and economic challenges. Specifically, we outline three main phases to the new city’s development and …