Country Garden Holdings Co logo

2007 - Country Garden Holdings Co News Story

HK$11.84 0.2  1.9%

Last Trade - 13/12/19

Large Cap
Market Cap £25.18bn
Enterprise Value £43.13bn
Revenue £48.89bn
Position in Universe 46th / 5953

UPDATE 1-People in protest-hit Hong Kong eye Malaysia's second-home programme

Tue 20th August, 2019 12:06pm
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    By Krishna N. Das and Liz Lee
    KUALA LUMPUR, Aug 20 (Reuters) - A Malaysian programme to
attract wealthy foreigners to live in the Southeast Asian nation
has drawn 251 applications from Hong Kong residents this year,
compared with 193 approved last year from the Chinese-ruled
city, a government official said.
    Property consultants said interest in the "Malaysia My
Second Home" (MM2H) initiative has surged among residents of the
Asian financial hub, rattled by anti-Beijing protests that began
more than 11 weeks ago.*:nL4N25G0R1
    Real estate agents expect Malaysia and Thailand to benefit
the most from some Hong Kong residents' frustration over the
second bout of lengthy demonstrations in five years in the
former British colony, which returned to Chinese rule in
    "The push factor from Hong Kong will definitely make
Malaysia one of the best alternatives for a new location to
reside," said Sharifah Ikhlas Aljaffree, the director of the
programme run by Malaysia's tourism ministry. 
    "Our strength lies not only in our nation's friendliness,
affordable cost of living and high quality of life (healthcare
included) but also the stability of our economy and politics
plus our developed infrastructure," she told Reuters.
    Sharifah said the programme had received this year a total
of 3,500 applications by Tuesday, versus 6,279 in 2018. None of
this year's applications had been approved, she said.
    It was not immediately clear how many applications were
received last year from Hong Kong, one of the world's most
densely populated and expensive cities.
    Hong Kong applicants are on either side of 50 and work in
sectors such as information and communications technology,
Sharifah added.
    Those approved get renewable multiple-entry resident visas
and are allowed to buy property valued at 1 million ringgit 
($239,234) or more, and own vehicles. But they cannot work
full-time without an employment pass, the programme website
    MyExpat, an agency that advises expatriates on Malaysia's
programme, said the number of its Hong Kong clients had surged
in the past two weeks, but gave no figures.
    People from China have accounted for 30 percent of the more
than 42,000 applications approved from 2012 to 2018.
    Disquiet over Chinese investment pouring into Malaysia was a
factor seized on by Malaysian Prime Minister Mahathir Mohamad to
pull off a stunning upset in an election last year. 
    One of his targets was the $100-billion Forest City real
estate project on Malaysia's southern tip, being developed by
China's Country Garden Holdings Co Ltd  2007.HK .*:nL3N1VJ406
    People from Hong Kong could consider options such as the
Thai capital of Bangkok and Vietnam's cities of Hanoi and Ho Chi
Minh City, said Foo Gee Jen, managing director of Malaysian
property consultancy CBRE-WTW.
    Singapore was another candidate, though prices in the tiny
city-state were five times higher than in Malaysia, he added.
    Hong Kong buyers were looking elsewhere in the long term
because they faced prices exceeding what 75% of the population
could afford, he said.*:nL4N2440XC
    "They would never own a property in their entire life," he
added. "The only option is to buy somewhere else."
($1=4.1800 ringgit)

 (Reporting by Krishna N. Das and Liz Lee in KUALA LUMPUR;
Editing by Clarence Fernandez)
 ((; +60 18661 7562,  +60323338022; Reuters
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