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9/15/2011

Malaysian Govt considering limiting home purchases

‘The Malaysian government may impose a one-house-per-individual restriction, according to Datuk Seri Ismail Sabri Yaakob, Minister of Domestic Trade Cooperatives and Consumerism.

He said that any individual who wants to acquire a second home must sell his /her first house and that the government is studying the possibility of approving only 10 percent rental increases for houses once a contract expires.’


Ahh, the immediate reaction from the smart sinkies is that this must be the stupidest thing to do. They have so much land and the only thing that needs to be done is to build and build and build, like what Singapore is doing. Just increase the supply and there will be no problem at all. Oops, I think to build and increase supply to prevent a housing bubble is only discovered by the smart sinkies recently.

Now, what is the issue? Malaysia has plenty of land, more than adequate to build a house for every citizen. And they are worried of the housing problem. In our little piece of rock when we are not careful and slipped, we may fall into the sea, and we are building and building and selling and selling as if land is unlimited. I think the Malaysians should come over and learn from our geniuses here. They can keep pulling out houses from a small hat like rabbits. It is simply magical.

Personally I am not sneering at the Malaysians. There is some wisdom to the crazy city folks thinking of selling everything when there is profit to be made. The housing game is going out of control, particularly when land is so limited. Everyone needs a home in the first place. And to turn homes into casino chips to be gambled on the casino table is reckless and irresponsible beyond words.

Not only Malaysia is worried about the housing gambling game. Australia and many other bigger countries are concerned about the wanton selling of land and properties to foreigners for speculation, which some called affectionately as investment.

There is a Chinese saying, die also dunno how to write. Housing and property investment are taking on a new shape and no longer the same any more. We may have something to learn from the Malaysians after all.

5 comments:

Anonymous said...

Perhaps the wisdom of the Malaysian Government thinking is what typical old folks used to subscribe to.

There are always people who believe it is important to have something left to depend on when it rains. That is why some countries prefer to let their resources lie idle while they import for immediate consumption. We may think that as a foolish move.

There are also people who think that making hay while the sun shines is a wise step to take, so they exhaust every resource they have. They will enjoy the present, but will suffer in the days ahead when they no longer have anything left to exploit.

Abao said...

"Die also dunno how to write"

How true it is. On a side note, locals that can understand this term are getting lesser and lesser

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