Housing and Local Government Minister Zuraida Kamaruddin revealed that Putrajaya plans to conduct a Home Ownership Campaign (HOC) either in Hong Kong or China to lure Chinese buyers into investing in Malaysia’s property market.
“I was thinking that we could organise this HOC campaign (in China or in Hong Kong)…(because) it is cheaper to buy a house here,” she said.
“I went to one flat of 250 sq ft worth RM3 million in Hong Kong, and said even a Minister cannot afford to buy property in Hong Kong.”
The Minister plans to discuss the matter with the Cabinet while expecting to work with the Tourism, Arts and Culture Ministry.
However, she clarified that only high-end homes would be sold to prospective Chinese buyers. She noted that Malaysia only has around RM100 billion worth of unsold luxury projects.
Unveiled by Finance Minister Lim Guan Eng at the 2019 Budget, the HOC is an initiative in which local house-buyers are exempted from stamp duty for the purchase of housing units constructed between January to December 2019.
Developers also offer attractive packages and discounts for home purchases finalised under the campaign.
Open to all homebuyers, HOC aims to encourage property ownership.
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