One way to resolve the property overhang is to stop being so strict over Malaysia My Second Home (MM2H) applications from Chinese nationals, said a developer. “I understand that we are more stringent on the MM2H applications for the mainland Chinese,” said TA Global Bhd's non-independent and non-executive director Datin Alicia Tiah said at a press conference after its AGM.
In a report by The Star, Tiah said: "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 believe when anyone makes Malaysia their 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 opined.
Instead of the current restrictions, she proposed that the government could set up a quota for properties allowed for non-Malaysians in every state.