Grease a 20cm round heatproof dish with vegetable oil. Prepare a steamer.
In a saucepan, combine coconut milk, water, and brown sugar. Heat over low heat, stirring until the brown sugar is completely dissolved. Remove from heat and let the mixture cool down completely.
In a large mixing bowl, combine glutinous rice flour and tapioca starch.
Gradually pour the cooled coconut milk mixture into the dry ingredients, whisking continuously until a smooth, lump-free batter is formed.
Pour the batter into the prepared dish.
Steam the nian gao over high heat for 60-70 minutes, or until firm and translucent. A skewer inserted into the center should come out clean.
Carefully remove the dish from the steamer. Let the nian gao cool completely at room temperature before slicing and serving. This can take several hours or overnight.
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