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Saturday, December 23, 2023

Rolling tang yuan keeps the family together

 

Merry time: Saw (left) and her family preparing for the Winter Solstice Festival at their home in George Town, Penang. — LIM BENG TATT/The Star


GEORGE TOWN: The rolling of glutinous rice balls for the Winter Solstice Festival has been a reunion of generations for the family of 75-year-old great-grandmother Saw Soh Lan.

This year is no different, as Saw continued the family tradition at her home in Sungai Pinang joined by her grandson and all her great-grandchildren.

“I’ve learnt to roll these rice balls since childhood and continue to do so at every festival for our own consumption.

“My children have picked up the skill from me, but most importantly was for them to understand the significance of doing so.

“To me, it’s not just a dessert made during festivals, but a symbol of reunion in Chinese culture,” said Saw as she rolled the rice balls with the family on Monday.

Saw said two of her other sons are working in China but she is grateful to have 27-year-old Tan Yee Kai, his wife Tan Seow En, 26, and their children Tan Jun See, five, and 10-month-old Tan Jun Siang this time.

“Normally, I would roll the rice balls on the eve of Winter Solstice Festival, then cook them for prayers on the next day.

“It has been a ritual practised all my life and I shall continue to do so for the family,” she added.

Glutinous rice balls, otherwise known as tang yuan in Chinese, symbolises unity, togetherness and reunion, partly due to its name being a homophone for the word reunion and its roundness of shape.

Winter Solstice, which falls on Dec 22, is a day with the longest night of the year.

It is the peak of winter and after the solstice passes, daylight hours become longer and nights grow shorter.

The glutinous rice balls are used to worship ancestors and given to relatives and friends as gifts during the festival.

With little to eat in China’s ancient agrarian societies during the snowy weather, tang yuan desserts became their sole feast back in the day.

Farmers would look forward to winter ebbing and getting ready for the next planting season when spring comes.

The local Chinese community celebrates the Winter Solstice Festival by making the delicacy synonymous with the festival – the tang yuan – that comes with a variety of fillings such as red bean, peanut or sesame paste, and is served in plain or ginger syrup.


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  • All smiles: Anwar taking pictures with Malaysians at an event in Imperial hotel in Tokyo. — Photo taken from Anwar’s Facebook page KUALA...

Thursday, December 21, 2023

Look East Policy now includes China




All smiles: Anwar taking pictures with Malaysians at an event in Imperial hotel in Tokyo. — Photo taken from Anwar’s Facebook page

KUALA LUMPUR: Malaysia, which has long looked to Japan and South Korea as models for economic development, is now also interested in learning from China, says Prime Minister Datuk Seri Anwar Ibrahim.

“We need to be open to revise any policy that has been in place for 40 years,” he told Asahi Shimbun in an interview in Tokyo on Sunday.

He was referring to the Look East Policy that fourth prime minister Tun (then Datuk Seri) Dr Mahathir Mohamad introduced in 1982 to learn economic modernisation strategies primarily from Japan and South Korea.

“I wouldn’t say ‘East’ (in this policy) means Japan and South Korea minus China. Now, when we say ‘Look East,’ it’s East (including China),” he was quoted as saying by the Japanese newspaper, according to Bernama.

Anwar added that because digital technologies, cybersecurity and other issues are changing the world, Malaysia needs to expand on the decades-old policy while continuing its aspects that remain beneficial.

The Prime Minister was on a five-day working visit to Tokyo from Dec 15 to attend a summit celebrating the 50th anniversary of the friendship and cooperation between Japan and Asean.

Malaysia, he said, advocates a “fiercely independent” foreign policy, and the country will deal with China depending on Malaysia’s interests.

He said when he was in the United States recently (for Asia-Pacific Economic Cooperation 2023), he was asked why Malaysia was tilting towards China.

He replied: “Because they’re investing more.”

But Anwar said Malaysia will firmly negotiate with China over territorial disputes in the South China Sea and not allow any unilateral action by Beijing.

The Prime Minister also described Japan as a “very important strategic partner”, adding that Malaysia’s relationship with Japan should be expanded under the Look East Policy such as sharing the Japanese work ethic and its technologies.

According to Asahi Shimbun, Japan announced on Dec 16 that it will provide equipment for warning and surveillance activities worth JPY400mil (RM13mil), including rescue boats and drones, to the Malaysian military under the official security assistance programme.

Anwar emphasised that the defence equipment is designed to help Malaysia protect its territorial waters and does not include any submarines or large aircraft.

“The assistance is mainly for our own security needs, not for offensive or aggressive means,” it quoted Anwar as saying.

Meanwhile, Anwar attended a high-tea event with the Malaysian diaspora at the Imperial Hotel in Tokyo on Monday.

There were 416 attendees ranging from students to those working and residing in Japan.

Also present at the event were Foreign Affairs Minister Datuk Seri Mohamad Hasan and Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

Anwar spoke about the need for Malaysians to change their mindset and free themselves from the racial and religious divisions that undermine unity.

To a concern from a postgraduate student that their salaries are not commensurate with their qualifications when they return home, Anwar said the government is also looking into ways to improve wages for all.

Another student voiced concern that students sent to Japan are opting to remain and work there after completing their studies.

Anwar replied that they are encouraged to work overseas, especially when they can learn the Japanese work culture, but should return and contribute to their country when the time comes.

Prior to the event, Anwar and his wife Datuk Seri Dr Wan Azizah Wan Ismail were at the Imperial Palace where they had an audience with Emperor Naruhito and Empress Masako



KUALA LUMPUR: Malaysia’s Look East Policy with the inclusion of China is a wise and necessary move given the latter’s rapid economic rise, says the Federation of Chinese Associations Malaysia (Huazong).

“The time has come for us to fine-tune and further expand,” said its president Tan Sri Goh Tian Chuan.

The same policy with Japan as the role model was first introduced by former prime minister Tun Dr Mahathir Mohamad in 1982 – 41 years ago.

Goh said with China’s rapid economic growth over the past decades that saw it overtaking Japan as the world’s second largest economy, it is timely for Prime Minister Datuk Seri Anwar Ibrahim to include China in Malaysia’s Look East Policy.

“This is especially appropriate, as China overtook Japan as the world’s second largest economy 13 years ago with the United States remaining the largest economy.

“So, for any nation to ignore China’s economic prowess will be unwise diplomatically and economically,” he told Bernama yesterday.

Malaysia and China will celebrate the 50th anniversary of diplomatic relations next year.

With Malaysia being the first Asean nation to establish diplomatic ties with China in 1974, Goh emphasised that it is an opportunity for Anwar to moot the idea.

He noted that Anwar has conducted two official visits to China and successfully brought in a host of advanced Chinese technologies and financially strong investors to set up operations and collaborate with Malaysian businesses, since he became the Prime Minister in November last year.

“I strongly believe that with a strong and stable strategic partnership in Anwar’s era, diplomatic relations between Malaysia and China will be at its peak,” he added.

Goh said more Chinese are expected to invest in Malaysia following the positive shift in the present government’s stance towards Chinese investments, coupled with closer bilateral ties under his leadership.

Malaysia-China bilateral trade hit a record high of US$203.6bil (RM948.38bil) in 2022.

For the first nine months of 2023, trade with China was recorded at RM410.01bil, with exports at RM174.55bil, mainly comprising shipments of electronics and electrical products, palm oil and palm oil-based agriculture products as well as iron and steel products.

He said Malaysia could boost its collaboration with China in the field of advanced technologies, such as aerospace, automotive, high-speed rail, artificial intelligence, drone technology, e-commerce, logistics and packaging as well as environmental technologies.

“Other sectors that are worth collaborating include higher education, human resources, culture and tourism, which will ultimately boost bilateral trade and social relations between Malaysia and China,” he added.

 
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#Shenzhou17 crew will soon conduct their first spacewalk mission after having stayed and worked in the #ChinaSpaceStation for 54 days, the CMSA announced on Wednesday.

China's #Shenzhou17 crew successfully completed their first extravehicular activity on Thursday. The 7.5-hour activity saw taikonauts Tang Hongbo, Tang Shengjie, and Jiang Xinlin completing all planned tasks, including the repair experiment of the Tianhe core module's solar wing, through close collaboration with the space station's robotic arm and ground research personnel.
Image

GT investigates: How does US-led G7 wage cognitive warfare against China over South China Sea?

An aerial view of Qilianyu Islands in Sansha, South China's Hainan Province. Photo: VCG

An aerial view of Qilianyu Islands in Sansha, South China's Hainan Province. Photo: VC


Editor's Note:


"Cognitive Warfare" has become a new form of confrontation between states, and a new security threat. With new technological means, it sets agendas and spreads disinformation, so as to change people's perceptions and thus alter their self-identity. Launching cognitive warfare against China is an important means for Western anti-China forces to attack and discredit the country. Under the manipulation of the US-led West, the "China threat theory" has continued to foment.

Some politicians and media outlets have publicly smeared China's image by propagating false narratives such as the "China economy collapse theory" and "China virus threat theory," in an attempt to incite and provoke dissatisfaction with China among people in certain countries.

These means all serve the seemingly peaceful evolution strategy of the US to contain China's rise and maintain its hegemony.

The Global Times is publishing a series of articles to systematically reveal the intrigues of the US-led West's cognitive warfare targeting China, and expose its lies and vicious intentions, in an attempt to show international readers a true, multi-dimensional, and panoramic view of China.

This is the eighth installment in the series. In this story, the Global Times looks into how the Group of Seven (G7) attempts to tarnish China's image and jeopardize the peace and tranquility in the region with various cognitive warfare tricks.

A Chinese Coast Guard ship drives away a Philippine vessel (right) in the South China Sea, on December 10, 2023. Photo: Visual News

A Chinese Coast Guard ship drives away a Philippine vessel (right) in the South China Sea, on December 10, 2023. Photo: Visual News


The Group of Seven (G7) has been hyping the South China Sea issue synchronously under the US leadership. In the latest statement released earlier this month, the G7 once again claimed to oppose China's militarization activities in the South China Sea, and, not surprisingly, mentioned the so-called South China Sea arbitration.

These cliché accusations, as well as G7's repeated hypes of the South China Sea issue, have become "a part of the group's carefully planned cognitive warfare against China," said some Chinese observers reached by the Global Times. They pointed out that, through consistently creating strife in the South China Sea, provoking conflict between China and related countries in the region, and even inciting the latter to initiate troubles against China, the G7 attempts to harm China's sovereignty, denigrates China's international image, and jeopardize the peace and tranquility in this region.

The media disinformation campaign is far from the only means used, the Global Times found. Within the framework of the G7, governments, legal professions, media outlets, and academic institutes have largely participated in this cognitive war targeting China in terms of the South China Sea issue.

Murky blue sea interference


The G7, as one of the most powerful and influential intergovernmental political and economic groups in the West, is very good at attacking China over the South China Sea issue in the form of a joint declaration or statement by government heads or top officials among its members, to delegitimize China's rights and interests in the South China Sea at superficially "official" and "formal" occasions.

Apart from the latest statement, the G7 has released several similar joint statements detailing its "concerns" over the South China Sea issue in 2023 alone.

On November 8, 2023, G7 foreign ministers released a statement in Tokyo, stating that they "remain seriously concerned about the situation in the East and South China Seas," and "strongly oppose any unilateral attempts to change the status quo by force or coercion." Similar sentiments were also seen in another statement released after they met in New York in September.

Earlier in May, the G7 also hyped China-related issues in the G7 Hiroshima Leaders' Communiqué and other documents adopted at the G7 Hiroshima Summit, including irresponsible comments on the situation in the Taiwan Straits, and accusations regarding regions like the South China Sea.

Uniformly, these statements mentioned the South China Sea arbitration, saying the award rendered by the Arbitral Tribunal in 2016 "is legally binding upon the parties to those proceedings, and a useful basis for peacefully resolving disputes between the parties."

The fact is that the arbitration, without actual legal effect, has been widely considered a political farce under the cloak of law, said scholars of boundary and marine studies.

"The South China Sea arbitration was conducted by an arbitral tribunal without jurisdiction in violation of the procedures set out in Articles 283 and 298 of the UNCLOS (United Nations Convention on the Law of the Sea). There is no basis in international law, and it (the arbitration) has no legal binding force on China," said Wu Wei, an associated professor in China Institute of Boundary and Ocean Studies of Wuhan University.

Wu said that in 2023 since the US and the Philippines released the "Joint Statement of the US-Philippines 2+2 Ministerial Dialogue" in April, the US-led G7 has further meddled in the South China Sea issue.

"At the level of international law, it has violated the DOC (Declaration on the Conduct of Parties in the South China Sea), the UNCLOS, and the basic principles of non-intervention in domestic affairs," she told the Global Times.

Similarly, the "Limits in the Seas No.150" report that the US Department of State released in January 2022, which said it "examines the maritime claims of the People's Republic of China in the South China Sea" based on the UNCLOS, was also no more than a political tool of attack by the US against China under the guise of law, observers commented.

"The US itself has not ratified the UNCLOS," noted Wu. "Washington's interference in the South China Sea issue has hindered the normal implementation of the Convention."

The US and the Philippines conduct the so-called joint air and maritime patrols in the South China Sea, on November 23, 2023. Photo: Visual News

The US and the Philippines conduct the so-called joint air and maritime patrols in the South China Sea, on November 23, 2023.


Hypes from media, academy community


G7 members have continually added fuel to the fire in the South China Sea issue, with Western media outlets amplifying their incendiary talking points. This year, US media outlets such as The New York Times, The Washington Post, and Time magazine have extensively reported on the maritime conflicts between China and the Philippines.

Throughout 2023, when the Philippine Coast Guard (PCG) stirred up trouble in the South China Sea, it contrived the accompaniment of local and Western media entities on many occasions, with mainstream Western media outlets such as the New York Times, NBC, and AFP being invited to join Philippine journalists. The Foreign Correspondents Association, representing foreign media in the Philippines, has also been in contact with the Philippine Department of Foreign Affairs and Department of Defense to coordinate journalists' boarding for interviews.

Presumably dissatisfied with journalists' inability to capture good photos on board, the US military has dispatched P-8A anti-submarine patrol aircrafts to assist the PCG in their resupply operations at Ren'ai Jiao (Ren'ai Reef). These aircrafts captured high-definition videos and photos, which were used for sensationalist purposes by Western countries and Philippine media outlets.

In an effort to assist the Philippines in its dispute with China, some third-party countries are seeking advice from their own think tanks. One notable case is that of Project Myoushu at Stanford University in the US, which focuses on South China Sea security issues.

In February, Project Myoushu claimed that "China harasses PCG vessel." Subsequently, the PCG asserted that a Chinese ship had directed laser at the PCG, and the US State Department spokesperson, Ned Price, further fanned the flames by stating that the US stands with their ally in the face of alleged laser incidents.

In the context of the Chinese Foreign Ministry's clarification of the facts and emphasis on the Philippine side's baseless accusations, Raymond Powell, Project Myoushu team lead and a retired US Air Force colonel, claimed that the actions of Project Myoushu pushed the Philippine government to finally decide to expose the maritime dispute between China and the Philippines.

In addition, the Asia Maritime Transparency Initiative at the Center for Strategic and International Studies (CSIS) is also a major project in the US that focuses on researching the South China Sea issue.

Over the years, this project has repeatedly accused China of "disrupting the status quo" and "threatening regional security" when releasing information about China's rights protection and law enforcement activities in the South China Sea.

However, it selectively ignores unilateral actions such as island construction and militarization by other claimant countries in the disputed waters.

In recent discussions between several US and the Philippine think tanks, various ideas regarding the US-Philippines cooperation in occupying Ren'ai Jiao were generated. In terms of logistical support, some have suggested that Western military forces should assist the PCG in delivering supplies to the grounded vessel, or even consider airdropping them using military aircrafts.

Currently, the Philippines is intensifying its propaganda campaign in the South China Sea in collaboration with foreign media sources and think tanks, using various tactics to overstate the severity of the conflicts between China and the Philippines in the South China Sea. Behind this is a mindset of sensationalism, deliberately portraying China as aggressively attacking and bullying a smaller country - the Philippines, Peng Nian, vice president of the Regional National Research Institute at the Hainan Normal University, told the Global Times.

"The more they exaggerate and amplify these negative incidents, the more it seems beneficial for the Philippines and the West. It not only maligns China, but also magnifies the South China Sea issue, continuously attracting international attention," Peng said. However, in reality, apart from escalating tensions in the South China Sea, these performers are only deceiving themselves with the illusion of enhanced influence, he noted.

A 'test site' to suppress China


The South China Sea is another "test site" for some Western countries, including the G7, to isolate and contain China, said observers.

By constantly hyping the South China Sea issue, they try to influence the international community and the Chinese public to force the Chinese government to change its foreign policy, Chen Xiangmiao, director of the World Navy Research Center at the National Institute for South China Sea Studies, told the Global Times in a previous interview.

To safeguard China's legal interests in the South China Sea, and to contribute more to the peaceful and stable development of the region, Wu from Wuhan University suggested that China should actively take countermeasures from multiple aspects, which include hosting summits for peaceful consultations between China and ASEAN (Association of Southeast Asian Nations) countries on the South China Sea situation, further encouraging fishermen to conduct fishing operations in the region with more guaranteed protection.

"It's also necessary to further promote international law studies on the South China Sea issue, to gain more say for China in today's global international law community on topics regarding this region," Wu told the Global Times.

Gone are the days when a handful of Western countries could willfully meddle in other countries' internal affairs and manipulate global affairs, said the Chinese Foreign Ministry on May 20, in response to the G7 Hiroshima Leaders' Communiqué released that same day.

"The international community does not and will not accept the G7-dominated Western rules that seek to divide the world based on ideologies and values. Even less will it succumb to the rules of exclusive small blocs designed to serve 'America-first' and the vested interests of the few," it noted. "G7 needs to reflect on its behavior and change course."


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#ASEAN needs to be wary that the #remilitarization of #Japan will be a threat to not only East Asia, but also Southeast #Asia. I don’t think anyone will serve him or herself well by forgetting about the atrocities that Japan committed in World War II. #ThinkBigger #VictorGao

'Sanctions from hell' against China, ignorance or malice?: Global Times editorial

Offering explanations to China for threats like those from Graham, expressing apologies for harming the collective sentiments of the Chinese people, and ensuring commitments are fulfilled is what the US should do.

Tuesday, December 19, 2023

Relaxed MM2H a boon to property sector, More foreigners eyeing properties

PETALING JAYA: The relaxation of the Malaysia My Second Home (MM2H) programme, with changes to the eligibility criteria and financial requirements aimed at attracting a large pool of foreigners, may be a much needed boost to the property sector.

However, more needs to be done to encourage more uptake of the programme, given the competition from the neighbouring countries looking to woo foreigners with similar programme.

Professor Geoffrey Williams, who is an economist and Provost for Research and Innovation at Malaysia University of Science and Technology, agreed that the revised MM2H is better than the previous version, but still gives the impression that this is a revenue-raiser for the Immigration Department rather than a scheme to encourage expatriate residents in Malaysia.

“It is still relatively unfriendly, with a bad feeling for foreigners, and would only be attractive for tax avoidance to provide multiple residency for high tax payers to avoid paying tax at all in any single country.

“People with less than half a year’s residence pay no taxes so if you can get residence in three places you have one third residence in each and pay no taxes,” he told StarBiz.

He added that the MM2H programme will not have much of an impact on the economy.

Last Friday, the Tourism, Arts and Culture Ministry unveiled a revamped version of the MM2H programme. introducing a three-tiered structure along with updated financial requirements. The revised guideline brings several changes to the eligibility criteria.

The government has lowered the minimum age requirement to 30 years from 35 years previously, widening the accessibility for individuals who seek to make Malaysia their second home.

A measure aimed at streamlining and fortifying the application process requires that applications are now exclusively accepted through licensed MM2H agents accredited by the ministry under the Tourism Industry Act 1992.

Another significant change relates to the expanded range of eligible dependents. The programme now covers children between 21 and 34 years old, who are neither employed in Malaysia nor married. Parents and parents-in-law are now considered eligible dependents.

“I do not believe it will boost the economy much. The claims of a big economic impact for previous MM2H were not really delivered, which is why the Malaysia Premium Visa Programme (PVIP) scheme was introduced to raise more money quickly,” Prof Geoffrey said.

PVIP, which was launched in September 2022, is a “Residency Through Investment” concept that allows wealthy foreigners to invest and reside in Malaysia for 20 years, with an option to extend for another 20 years.

“The damage done to Malaysia’s reputation is serious and competition from other countries with better schemes and lower costs of living is intense,” he added.

He explained that the changes under PVIP were to attract “the right type of people” with lots of money.

“These changes attract more people but even the rich are likely to choose the lower tier options because the main incentive is residential access not other perks. So you may attract the wrong type of people in the form of tax avoiders,” he said.

Prof Geoffrey stressed that the government needs to create a positive sentiment and a welcoming environment, which is essential for foreigners when choosing long-term options in life.

MM2H was launched in 2002 with the purpose of attracting foreigners to retire and live in Malaysia for an extended period.

The programme was suspended in November 2019 and was re-launched in October 2021 with more stringent application conditions.

According to RHB Research, the stricter conditions led to the collapse of the MM2H market whereby there were only 1,905 MM2H applications approved between November 2021 to September 2023 (23 months) versus 5,610 in 2018.

During the same year, there were 197,385 transactions in the residential market according to National Property Information Centre.

The research house said this meant the MM2H approval represented 2.8% of the residential transaction volume, which is a rough gauge of the potential addressable market from MM2H holders.

“PVIP struggled to gain traction given the large upfront processing fees of RM200,000 needed versus RM5,000 for MM2H. PViP had only processed 57 applications where 28 were approved as at October 2023,” RHB Research added.

Nevertheless, RHB Research believes UEM Sunrise Bhd, Sunway and Eastern & Oriental Bhd are key beneficiaries under the new MM2H programme.

“We reiterate our ‘overweight’ call on the sector, as government policies, investment flow, infrastructure developments and the US Federal Reserve’s signal of a potential rate cut next year are favourable to stimulate demand for property,” the research house said.

Meanwhile, HLIB Research said the revised MM2H programme, with better clarity on the relaxed conditions, gives developers a better picture and visibility of the market and could potentially translate to more launches in the high-end residential segment.

“The development is an overall positive for the sector, especially for the high-end residential segment. Maintain ‘neutral’ for the sector with top picks Sunway BhdOSK Holdings BhdSime Darby Property Bhd and IOI Properties Group Bhd,” it said.

The research house pointed out that given the main nationality of the MM2H holders are Chinese (32.8%), this may potentially benefit Sunway’s development in Velocity, Jalan Cochrane, as there is a high proportion of Chinese residents in the area.

It added that the MM2H programme should also have spillover economic benefits to tourism and healthcare, benefiting in particular Sunway through its senior living, healthcare and hospitality businesses.

“Having said that, we also cautioned about increased competition from neighbouring countries like Thailand and Indonesia which had in recent years launched similar programmes.

“Thailand launched its Long-Term Residence Visa programme in September 2022, while Indonesia launched its 10-Year Visa Second Home Programme in December 2022,” HLIB Research said.

Similarly, TA Research, which maintained its “overweight” stance on the property sector, anticipated it to be a main beneficiary of increased domestic activities, driven by a surge in infrastructure projects and investments.

“This adjustment could attract more foreigners to our shores, positively impacting the real estate market.

“Moreover, by relaxing the MM2H programme, Malaysia can continue to vie for highly skilled foreign individuals, fostering their contributions to the nation’s growth through residency and investment,” it added.

However, TA Research suggested that the government remove the high RM40,000 monthly income requirement introduced in the 2021 revamp to enhance the appeal of the new MM2H programme.

“If the government reintroduces a monthly income requirement later, we propose setting it at RM10,000.

“This adjustment is particularly relevant when compared to countries like the Philippines, Indonesia and Cambodia, which do not impose a stipulated minimum income for enrollment in their long-stay visa programmes,” it added.



More foreigners eyeing properties



GEORGE TOWN: There is a surge in demand for residential properties priced above RM1mil from foreign nationals this year compared to a year ago due to a weaker ringgit, say property experts.

Ideal Property Group general manager (sales & marketing) Nancy Teo said due to the current value of the ringgit, foreign enquiries for high-end properties had surged by a double-digit percentage.

“The enquiries are mainly from Taiwan, Singapore and Hong Kong. Chinese nationals who can buy property in Penang are those who have investments here,” he said adding that this year, the group had seen foreigners buying the completed Queens Waterfront 1 & 2 in Bayan Lepas priced above RM1.8mil to RM2.3mil.

“Projects in strategic locations generally sell better,” she said.

Teo added that the recently revised Malaysia My Second Home (MM2H) programme guidelines to allow foreigners to buy properties priced from RM500,000 would help stimulate the local property market.

One Asia Property Consultants (Pg) Sdn Bhd executive director Chandra Mohan Krishnan said there were more foreigners buying industrial properties.

“This has to do with the weaker ringgit and maybe the new MM2H guidelines will help boost our sales later,” he said.

Eastern & Oriental Bhd assistant general manager (marketing and sales) Ramesh Gnanasegaran concurred that most of the enquiries were from Hong Kong, Singapore and Taiwan.

“The interest is in properties below RM3mil. The increase in enquiries has translated into more robust sales in 2023. Locals still form the bulk of our customers, but we are also seeing an increase in foreign purchases.”



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