Make MM2H more lenient to help resolve property overhang

  • Business Premium
  • Wednesday, 26 Jun 2019

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.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

TA Global , MM2H


Next In Business News

Khairussaleh Ramli to be appointed Maybank president, CEO Premium
Bursa Malaysia rebounds on bargain hunting at final hour Premium
Azman Hashim to retire from AMMB board Premium
Azmin: Genting Hong Kong bankruptcy has no impact on Malaysian economy Premium
China property shares slump as planned U.S. rate hike adds to woes Premium
U.S. yields rise, Asian shares and European futures tumble as Powell warns on inflation Premium
Bank Negara, Bank Indonesia launch cross-border QR payment linkage Premium
Westport FY21 net profit rises to RM808.22mil Premium
LCTitan posts net profit of RM186.84mil in 4Q Premium
AirAsia 4Q consolidated AOC records strong 80% load factor Premium

Others Also Read