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Post-Budget 2020: Hongkongers can come and buy Penang luxury condos

UPDATE (13 Oct 2019): Anil Netto commented that the biggest Budget 2020 news to him was Finance Minister Guan Eng’s announcement that the government would be allowing foreigners to buy condos priced at RM600k.

Previously non Malaysians could only buy condos worth above one million, Anil wrote in his blog post titled ‘A Budget to delight developers’.

The Penang-based freelance reporter likened this Harapan government intervention to the joy of Christmas coming early for Penang property developers.

According to Anil, there is excessive land reclamation all over the place, both current and in the pipeline, going on endlessly in his home state.

Penang’s latest “playgrounds for the wealthy”, i.e. a proposed plan to build three artificial islands, will be able to accommodate 446,000 new residents in future.

Helen’s note: The violent Hongkong rioters unhappy with Beijing rule might well flee to Penang’s Dapster spiritual haven now that Guan Eng has lowered the threshold and easing property purchase by [Chinese] outsiders.

Click below on the highlighted “view original post” tab to read my write-up last week talking about how ‘Hongkong hooligans can come and buy Penang luxury condos’.

Helen Ang

Yesterday was the 70th anniversary of the founding of modern China as a communist republic.

Hong Kong protesters – who had been terrorizing the island’s streets for months singing ‘Hallelujah’ to the Lord – also stepped up their thuggery yesterday, metaphorically, to stick up their middle finger to China’s National Day.

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One thought on “Post-Budget 2020: Hongkongers can come and buy Penang luxury condos

  1. The state governments approve all this rampant property development, and when there is an oversupply and the prices the prices the market is prepared to buy them at drops, the government then lets foreigners buy them to prop up the price.

    I don’t see any measures mentioned in this report on the 2020 Budget about affordable housing.

    These three points are more concerned in bailing out the developers through allowing foreigners to purchase and a bit thrown in for a rent-to-own scheme.

    * As for RPGT, for the disposal of properties more than five years, the base year of acquisition has been recised from Jan 1 2000 to Jan 2003.

    * To reduce supply overhang of condominiums, apartments of RM8.3b, govt will lower threshold on high rise property prices in urban areas for foreign ownership from RM1m to RM600,000 in 2020.

    *Government and financial institution to introduce Rent-To-Own (RTO) financing scheme. Up to RM10bil will be provided by the financial institutions. This RTO scheme is for purchase of first home up to RM500,000 property price.

    All very neo-liberal.

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