Chief Minister Chow Kon Yeow believes the turmoil caused by street protests in Hong Kong may open opportunities for business and property sales in Penang.
“In light of the problems in Hong Kong, we may see more businesses moving into Penang,” he said.
“It is still too early to say whether there will be relocation of some Hong Kong-based businesses to Penang. However, it has been reported that there is increased interest from Hong Kong for property in Malaysia, including Penang.”, reported The Star.
He noted that Penang had always been a destination for tourism, investment and business.
“Penang is always a preferred destination for many foreign investors and property buyers. I am sure our private sector including the property market will do the needful to attract them,” said Chow in responding to a question on the likelihood of businesses in Hong Kong transferring to Penang in the long term.
The demonstrations in Hong Kong against an extradition bill, which began more than 10 weeks ago, has now turned into broader concerns regarding democracy within the semi-autonomous Chinese territory.