AS the adverse impact of the global financial crisis widens to the other economic sectors such as trading, manufacturing, retail and services, many expect the residential and commercial property sector to also take a hit.
This is because when businesses are affected by the crisis and turn in poorer than expected financial results, there is the risk of downsizing and slower output. Some of the affected companies will take the opportunity to scale down their manpower or relocate to lower-cost countries. Already, some multinational corporations in Penang have announced plans to downsize their staff strength due to the poor demand outlook over the next one to two years.
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