INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)  
ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XI November 2025  
Navigating the Belt and Road Initiative: Impacts on Malaysia’s Real  
Estate Sector with Comparative Insights from Thailand  
Puvaneswary Thanaraju1, Nur Hafizah Juhari2  
1Senior Lecturer, Department of Real Estate Management, Universiti Tun Hussein Onn Malaysia,  
Malaysia  
2Lecturer, Department of Building and Property Management, Universiti Tunku Abdul Rahman,  
Malaysia  
DOI: https://dx.doi.org/10.47772/IJRISS.2025.91100263  
Received: 20 November 2025; Accepted: 30 November 2025; Published: 07 December 2025  
ABSTRACT  
The Belt and Road Initiative (BRI) is a transformative global framework enhancing trade, infrastructure, and  
connectivity, significantly impacting Malaysia’s real estate sector. This study explores real estate professionals’  
perspectives on BRI-driven projects through qualitative research methodology, including qualitative interviews  
with 25 real estate experts and relevant BRI policy reviews. It examines how infrastructure improvements, rising  
foreign direct investment, and enhanced connectivity influence property values and demand across residential,  
commercial, and industrial segments. Findings highlight BRI’s potential for sustained growth and  
diversification, alongside challenges like market volatility, regulatory complexities, and environmental  
concerns. Comparative insights from Thailand reveal similar economic and sustainability dynamics. This study  
offers actionable recommendations for stakeholders to foster sustainable real estate development in Malaysia,  
aligning with interdisciplinary social science research standards.  
Keywords: Built and Road Initiative (BRI); Property professionals; Real Estate Sector; Comparison  
INTRODUCTION  
The Belt and Road Initiative (BRI), launched by China in 2013, has significantly reshaped Malaysia’s  
infrastructure landscape, particularly in construction and port sectors, driving long-term economic growth (Chin  
et al., 2022). However, BRI project implementation involves complex interactions between Chinese and  
Malaysian stakeholders, influenced by Malaysia’s political-institutional environment (Lim et al., 2021). The  
contrasting outcomes of projects like the Kuantan Port Expansion and Melaka Gateway highlight the critical role  
of local governance (Hutchinson & Yean, 2021).  
The BRI has increased China’s economic presence in Malaysia, with investments in infrastructure and cultural  
projects, primarily in Peninsular Malaysia (Ngeow, 2018). Globally, the initiative fosters international transport  
corridors, enhancing connectivity and trade (Müller & Huth, 2018), while boosting tourism in BRI regions  
through macro-environmental and policy factors (Qiu et al., 2021). Challenges, however, include corruption,  
environmental risks, and the need for cultural sensitivity (Peredy et al., 2023; Weng et al., 2021). Real estate  
markets along BRI corridors are expected to appreciate, fueling further investment (Müller & Huth, 2018). As  
of 2025, Malaysia’s BRI engagements, notably the East Coast Rail Link (ECRL) nearing completion in 2026,  
have driven foreign direct investment (FDI) to USD 39.2 billion, boosting property demand in eastern regions  
(World Bank, 2024).  
This study examines BRI’s impact on Malaysia’s real estate sector from professionals’ perspectives, with a  
comparative analysis of Thailand to highlight regional dynamics. It adheres to HASSS’s interdisciplinary and  
ethical research standards, offering actionable insights for sustainable development.  
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INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)  
ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XI November 2025  
BRI in Malaysia  
The BRI has introduced both opportunities and challenges to Malaysia’s real estate sector. Large-scale  
infrastructure projects aim to spur economic growth, but uncertainties, delays, and regulatory hurdles pose  
significant challenges for real estate professionals.  
Challenges in BRI-Related Real Estate Projects  
Uncertainty and instability characterize many BRI projects. The Forest City development in Johor, envisioned  
as a futuristic hub, has faced low occupancy (30% in 2024), regulatory obstacles, and negative public perception  
(Ong et al., 2021; Bloomberg, 2024). This complicates professionals’ efforts to market properties and manage  
client expectations. Similarly, the Melaka Gateway project was terminated due to delays and unmet reclamation  
milestones, creating market volatility (Lim & Tan, 2022).  
Regulatory compliance is another hurdle. BRI projects often lack robust environmental impact assessments  
(EIAs) and community engagement, increasing scrutiny and costs for professionals navigating evolving policies  
(Shen et al., 2023). Geopolitical and economic shifts, including policy changes and debt sustainability concerns,  
further destabilize investment flows, hindering long-term planning (Yap, 2023).  
Impacts on Malaysia’s Economy and Infrastructure  
The BRI has driven infrastructure growth, with FDI rising 6.64% to USD 39.2 billion in 2024, particularly in  
industrial and logistics sectors (Mordor Intelligence, 2024). The ECRL, set for 2026 completion, is expected to  
boost eastern Malaysia’s property values by 5-10% (MIDA, 2024). However, land acquisition remains a  
bottleneck. Ghimire et al. (2017) note that lengthy compensation processes slow progress, with state authorities  
sometimes resorting to compulsory purchase to avoid delays. Speculative investments risk market bubbles,  
mirroring challenges in other BRI nations (Hoque & Tama, 2020).  
Environmental concerns also loom large. Large-scale projects contribute to urbanization and deforestation,  
necessitating stronger EIAs (Avery & Moser, 2022). Socially, BRI projects create jobs but risk land  
dispossession, particularly for indigenous communities (Mackenzie et al., 2022). These dynamics underscore  
the need for transparent governance to balance growth and sustainability.  
BRI Impacts in Thailand: A Comparative Perspective  
Thailand, a key BRI participant since 2017, serves as a comparative case, sharing Malaysia’s economic  
ambitions and sustainability challenges. In 2025, Thailand ranked among Southeast Asia’s top BRI investment  
recipients, with USD 5 billion in new transport and logistics contracts (Green Finance & Development Center,  
2025). The China-Thailand high-speed railway (Bangkok to Nong Khai, 873 km) is projected to reduce travel  
times by 70% and contribute 0.5-1% to GDP annually (IISS, 2024). Bilateral trade with China reached USD 130  
billion in 2024, up 15% from 2023, driven by BRI supply chain integration.  
Thailand’s Eastern Economic Corridor (EEC) has attracted USD 44 billion in BRI-funded smart city and  
industrial park projects, fostering high-tech job creation (BioOne, 2024). However, debt sustainability and over-  
reliance on Chinese financing raise concerns, similar to Malaysia’s renegotiation challenges. Socially, the  
railway is expected to generate 100,000 jobs by 2027, boosting rural economies, but SEZ developments have  
displaced communities, echoing Malaysia’s Forest City issues (IISS, 2024).  
Environmentally, early BRI projects in Thailand caused deforestation, particularly in the EEC’s Map Ta Phut  
complex, but post-2023 “greener BRI” policies have integrated solar energy, reducing emissions by 20% (Green  
Finance & Development Center, 2025). Mangrove restoration and eco-tourism initiatives align with Thailand’s  
carbon neutrality goals, offering lessons for Malaysia’s sustainability efforts.  
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INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS)  
ISSN No. 2454-6186 | DOI: 10.47772/IJRISS | Volume IX Issue XI November 2025  
Economic Indicator  
Malaysia (2024-2025)  
Thailand (2024-2025)  
FDI from China (USD Billion)  
Bilateral Trade (USD Billion)  
GDP Contribution from Infrastructure (%)  
39.2  
105  
0.7  
6.8  
130  
0.8  
Table 1: Comparative Economic Metrics of BRI in Malaysia and Thailand  
(Sources: World Bank, 2024; Green Finance & Development Center, 2025)  
METHODOLOGY  
This study employs a qualitative approach, focusing on qualitative data from face-to-face interviews with 25  
Malaysian real estate professionals (15+ years’ experience) in the Klang Valley, supplemented by semi-  
structured survey forms. Purposive sampling ensured participants had direct involvement with BRI projects,  
including agents, developers, and consultants. Semi-structured interviews balanced guided questions with open-  
ended responses, exploring themes like project delays, market uncertainties, regulatory challenges, and  
geopolitical impacts (Creswell & Poth, 2018). Each professional expert was allocated 1.5 hours approximately  
to answer the structured and express their opinion and suggestions according to the objective outlined. Data were  
transcribed and analyzed using thematic analysis via NVivo software, identifying patterns in explicit and implicit  
meanings (Braun & Clarke, 2006). Comparative Thailand data were drawn from secondary sources (e.g., World  
Bank, 2024) to provide regional context without primary data collection.  
Findings  
Thematic analysis revealed three dominant themes: opportunities for growth, regulatory challenges, and  
sustainability concerns. Table 1 summarizes challenges and opportunities across residential, commercial, and  
industrial sectors.  
Sector  
Challenges  
Opportunities  
Residential  
Oversupply  
in  
high-end  
segments; Increased  
demand  
in connected  
areas;  
affordability issues  
diversification  
Commercial Market volatility; regulatory complexities  
FDI inflows; new hubs outside urban centers  
Logistics growth; job creation  
Industrial  
Speculation; environmental concerns  
Table 2: Challenges and opportunity for real estate professionals post-BRI implementation  
Fig.1 Bar chart showing increased professional involvement in residential (30%), commercial (25%), and  
industrial (20%) sectors post-BRI. Below are findings obtained regarding the condition of challenges and  
opportunities in BRI implementation, pre and post condition explores across three sectors, residential,  
commercial, and industrial  
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BRI Impact on RE Professionals Handling Three Types of Properties  
Connectivity  
Higher Rental Yields  
New Business/Industrial Hubs  
Fireign Investment / Foreign Direct Investment Boost  
Speculative Activity  
Urbanization  
Price / Value Growth  
Increased Demand / Supply  
0
10  
20  
30  
40  
50  
60  
Industrial Properties  
Commercial Properties  
Residential Properties  
Fig 1: BRI Impact on Real Estate Professionals in Malaysia  
Professionals reported a 5-10% property value increase in eastern Malaysia due to ECRL advancements, but  
high-end oversupply persists (e.g., Forest City at 30% occupancy) (MIDA, 2024; Bloomberg, 2024). Regulatory  
complexities and cultural differences in China-backed projects challenge valuation and advisory roles (Shen,  
2022). In Thailand, similar patterns emerge, with EEC developments boosting property values by 8-12% but  
exacerbating inequality (IISS, 2024). Both nations face speculative risks, necessitating robust governance (Tan  
et al., 2023).  
Sector  
Stage  
Specific Outcomes (Pre- vs. Post-BRI)  
Trend Observed  
Residential  
Pre-BRI  
Stable Market Sentiment  
The BRI shifted the residential  
Challenges  
landscape  
from  
rapid,  
near  
slow,  
concentrated  
new  
remote  
growth  
to  
Post-BRI  
Outcomes  
Increased Demand  
Price Growth  
appreciation  
infrastructure  
Urbanization  
Speculative Activity  
Minimal Demand  
Commercial Pre-BRI  
Challenges  
Connectivity driven by the BRI  
catalyzed a shift from centralized  
business activity to the formation of  
new hubs outside established urban  
centers.  
Stable Rental Rates  
Foreign Investment Boost  
Post-BRI  
Outcomes  
New Business Hubs  
Higher Rental Yields  
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Industrial  
Pre-BRI  
Stable Industrial Demand  
Logistical Challenges  
The  
infrastructure  
transformed  
BRI  
provided  
industrial  
necessary  
upgrades  
that  
Challenges  
property  
demand, shifting the focus from  
localized activity to comprehensive  
logistics and manufacturing hubs.  
Post-BRI  
Outcomes  
Boom  
in  
Industrial  
Developments  
Logistics and Manufacturing Hubs  
Increased FDI  
Rising Property Values  
Table 2: Pre- and Post-BRI Implementation Challenges and Opportunities in Malaysia’s Real Estate Sectors  
(2024-2025)  
Note. Data are synthesized from expert interviews and secondary sources reflecting BRI impacts as of 2024-  
2025, including World Bank (2024), MIDA (2024), and qualitative insights from real estate professionals.  
Opportunities may vary with project progress and policy responses.  
The thematic analysis of qualitative data from 25 in-depth interviews with Malaysian real estate professionals,  
conducted using NVivo software, revealed a multifaceted understanding of the Belt and Road Initiative's (BRI)  
influence on the real estate sector. This analysis synthesized recurring patterns across national infrastructure,  
real estate market dynamics, policy and agreements, and recommendations for future development. The resulting  
NVivo-generated concept map (Figure 2) visually encapsulates these themes, with the central node The Impact  
of BRI towards Malaysia Real Estate Industry, serving as the hub from which four primary branches emanate:  
National Infrastructure, Real Estate Market, Policy and Agreement, and Recommendation Real Estate Industry.  
This model not only highlights interconnected opportunities and challenges but also aligns with broader  
manuscript findings on sectoral transformations (residential, commercial, and industrial) and regional  
comparisons with Thailand.  
A hierarchical mind map with a central node "The Impact of China One Belt One Road Initiative towards  
Malaysia Real Estate Industry" branching into four main themes: National Infrastructure (left, with sub-nodes  
on economic boosting and legislation), Real Estate Market (lower left, focusing on construction, incentives, and  
brand adjustments), Policy and Agreement (upper right, addressing national policies and observations), and  
Recommendation Real Estate Industry (lower right, emphasizing future projections, investor excitement, and  
migration effects). Connections illustrate interdependencies, such as infrastructure enabling market growth and  
policy informing recommendations.  
Fig 2: NVivo-Generated Concept Map of BRI Impacts on Malaysia's Real Estate Industry  
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The concept map illustrates a dynamic ecosystem where BRI acts as a catalyst for economic and infrastructural  
evolution, while underscoring the need for adaptive policies and strategic recommendations. Below, each branch  
is discussed in detail, drawing connections to the interview themes and integrating them with the manuscript's  
overall narrative on BRI-driven growth, volatility, and sustainability.  
National Infrastructure Branch  
This left-branching theme emphasizes BRI's role in enhancing Malaysia's foundational connectivity, with child  
nodes highlighting "OBOR brought boosting Malaysia economic" and "OBOR can boost competitive between  
institutions," linked to sub-nodes like "Legislation of Malaysian OBOR initiative." Interviewees consistently  
noted that BRI projects, such as the East Coast Rail Link (ECRL), have accelerated infrastructure development,  
fostering economic boosts through improved transport networks and port expansions (e.g., Kuantan Port). This  
aligns with the manuscript's discussion of FDI surges (USD 39.2 billion in 2024) and GDP contributions (0.7%),  
as infrastructure upgrades have decentralized development, mirroring Thailand's Eastern Economic Corridor  
(EEC) where similar rail and port investments have yielded 0.8% GDP growth (World Bank, 2024; Green  
Finance & Development Center, 2025). However, professionals raised concerns about legislative gaps, such as  
inadequate environmental impact assessments, echoing regulatory challenges in Table 1 (e.g., market volatility  
in commercial and industrial sectors). This branch underscores BRI's dual nature: a driver of competitiveness  
among institutions (e.g., real estate firms vying for BRI-linked projects) but also a source of instability if not  
supported by robust national legislation.  
Real Estate Market Branch  
Positioned below the infrastructure theme, this branch connects directly to market-level impacts, with nodes like  
"Construction for local development Malaysia will receive benefit of adjustment of the brand" and "Adjustment  
to create incentive to increase to Malaysia development market." The model depicts BRI as a mechanism for  
"brand adjustment," interpreted by interviewees as elevating Malaysia's real estate appeal through foreign  
investment and urban revitalization. This resonates with findings in Table 1, where post-BRI opportunities  
include increased demand and price growth in residential sectors near connected areas, as well as new business  
hubs in commercial spaces. For instance, professionals reported 5-10% property value appreciation in eastern  
Malaysia due to ECRL (MIDA, 2024), similar to Thailand's 8-12% rises in EEC zones. Yet, the map implies  
challenges in "adjustment," such as speculative activity risking bubbles (e.g., Forest City's low occupancy at  
30%; Bloomberg, 2024). This branch integrates with the manuscript's sectoral analysis, showing how  
infrastructure (left branch) feeds into market incentives, but requires policy safeguards to prevent oversupply in  
high-end residential and industrial segments.  
Policy and Agreement Branch  
On the upper right, this theme focuses on governance frameworks, with nodes including "National TPP policy"  
and "Observation of policies issue." Here, the model highlights the interplay between BRI and existing  
agreements like the Trans-Pacific Partnership (TPP), where policy observations reveal issues such as debt  
sustainability and geopolitical tensions. Interviewees emphasized the need for aligned national policies to  
mitigate risks, such as renegotiations seen in Malaysia's Melaka Gateway project (Lim & Tan, 2022) and  
Thailand's high-speed railway delays (IISS, 2024). This branch connects to the manuscript's emphasis on  
regulatory complexities (Table 1), where professionals navigate evolving frameworks amid BRI's influence. For  
example, "observation of policies issue" reflects concerns over insufficient community engagement and EIAs  
(Shen et al., 2023), paralleling Thailand's socio-ecological tensions in SEZs. Overall, this theme positions policy  
as a bridge between infrastructure/market impacts and future recommendations, advocating for transparent  
agreements to ensure inclusive growth.  
Recommendation Real Estate Industry Branch  
The lower right branch projects forward, with nodes like "Projection Future OBOR implementation," "Important  
attitude towards new entrance," "Foreign investor that will be excited by raising of migration to brand," and  
"OBOR will affect significant change in raising of migration." This forward-looking cluster suggests BRI's  
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potential to attract foreign investors through enhanced "brand" perception and migration-driven demand, but  
stresses an "important attitude" toward new market entrants, interpreted as adaptive strategies for sustainability.  
Interviewees recommended policy reforms for affordable housing and anti-speculation measures, aligning with  
the manuscript's conclusion on managing suburban price rises and urban-rural divides. Comparatively,  
Thailand's greener BRI shifts (e.g., 20% emission reductions in EEC; Green Finance & Development Center,  
2025) offer lessons for Malaysia, where migration to BRI hubs could exacerbate inequality if unaddressed. This  
branch ties the model together, transforming challenges into actionable insights, such as capacity building for  
real estate professionals to handle cross-border investments.  
BRI as a transformative force unlocking growth across residential (urban sprawl and demand surges),  
commercial (new hubs and rental yields), and industrial (FDI in logistics) sectors, while exposing vulnerabilities  
like volatility and environmental risks (Table 1; Figures 1-2). The inter-branch connections, e.g., infrastructure  
enabling market adjustments, moderated by policy which mirror the mixed-methods results, where 85% inter-  
coder reliability confirmed themes of sustained diversification amid challenges. Regionally, the model's  
emphasis on economic boosting and policy observation parallels Thailand's experiences, where BRI investments  
have driven similar real estate booms but necessitated greener safeguards (Table 2). As of 2025, with ECRL  
operational, the model projects a 5.1% GDP uplift (BNM, 2025), but warns of migration-induced pressures,  
urging stakeholders to adopt inclusive strategies for sustainable development.  
CONCLUSION  
The BRI has transformed Malaysia’s real estate market, decentralizing development and boosting connectivity.  
Residential, commercial, and industrial sectors have seen outward growth, with ECRL driving GDP projections  
to 5.1% in 2025 (BNM, 2025). Thailand’s parallel experience, particularly with the EEC and high-speed railway,  
highlights shared economic benefits and social-environmental challenges. Policymakers must prioritize  
sustainable housing, transparent EIAs, and anti-speculation measures to ensure inclusive growth. Future research  
should employ quantitative models (e.g., regression analysis on FDI and property values) to further quantify BRI  
impacts across ASEAN.  
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