The catch is buyers will have to purchase a RM10mil residence in China to get their free luxury home valued at RM500,000 in Malaysia. I guess if you can afford a RM10mil home, RM500,000 is just peanuts.
Those who have made it to the rich league in China are definitely a sought after group. This might just be a sampling of other schemes that will entice the newly rich to part with their money. Malaysia is not complaining of course since we get the benefit of these foreign funds coming onto our shores.
What might be of concern is the impact on the local home buyers. How many can afford houses in the RM500,000 price range? That price range is not in the average income earner's horizon in the immediate future.
Affordable homes are getting fewer in number especially in the urban areas. Wage earners save and tighten their belt to buy their dream home. Sometimes the goal posts are changed just as the buyer nears his target.
The influx of foreign buyers indirectly makes house prices rise even higher. Higher and higher it goes until locals will be left with just crumbs. That is a depressing scenario indeed.
The news item that appeared in the Star, 3 July 2012 is shown below:
BUY a house in China and get one free in Malaysia.
Developers are using this innovative marketing approach to boost property development in both countries, Nanyang Siang Pau reported.
However, buyers will have to purchase a RM10mil residence in China to get their free luxury home valued at RM500,000 in Malaysia, the paper said.
The local developers would maintain and rent out the property for the foreign owners and, at the same time, help them apply for the Malaysia My Second Home programme.
Many Chinese developers have purchased a large number of properties in Malaysia, which they give away as gifts to customers who buy houses worth between RM10mil and RM20mil.
Image from piz013
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