Place pork belly in a large saucepan and cover with water. Bring to a boil over medium-high heat, then reduce to medium and simmer for 15 minutes, skimming off any foam from the surface. Remove pork belly from water and cut into bite-sized pieces.
In a large heat-resistant saucepan, combine cane sugar with 180 ml water and heat over medium-high heat, stirring until sugar dissolves. Add pork belly pieces, then add sake, fish sauce, rice vinegar, hoisin sauce, chicken broth, ginger, garlic, lemongrass, bay leaves, star anise, cardamom pods, cinnamon stick, peppercorns, and cayenne pepper. Stir well and bring to a simmer.
Preheat oven to 160°C (320°F) with fan setting. Cover saucepan with a heat-resistant lid and place in oven. Cook covered for 1 hour. Increase oven temperature to 190°C (374°F), remove lid, and cook uncovered for another 1 hour, stirring every 15 minutes.
Remove saucepan from oven. Pour approximately 250 ml of the braising liquid into a smaller saucepan and heat over high heat, stirring occasionally, until sauce reduces by about half and thickens (approximately 3–5 minutes). Pour reduced sauce over pork belly and serve.
Serve the braised pork belly with white rice and stir-fried vegetables. Cool any remaining sauce and freeze for future use.
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