Make MM2H more lenient to help resolve property overhang

KUALA LUMPUR: The government should not be too stringent on China residents from buying local property under the Malaysia My Second Home (MM2H) programme as these group of buyers can help to resolve the property overhang situation prevalent in the country.

"These are the people with money ready to spend. If the government would like to clear all these overhang stocks, they must not only look at local buyers but must also encourage foreigners to buy as well. One way to do this is to stop the restrictions in MM2H. I understand that we are more stringent on the MM2H applications for the mainland Chinese,” TA Global Bhd’s non-independent and non-executive director Datin Alicia Tiah said at a press conference after its AGM yesterday.

“I believe when anyone makes Malaysia its second home, chances are that they will buy a property. Once they buy a property, it means they will also buy white goods (big consumer items). They will also buy a vehicle and help the broader economy. This will stimulate (the economy) and clear excess stocks. These people can’t vote and I don’t see how they can affect the country,” Tiah added.

She suggested that the government could look instead into allocating a quota for properties purchased by foreigners for each state.