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Friday, March 17, 2017

So, will China's capital flight control policy impact projects here?

Pengkalan Rinting state assemblyperson Cheo Yee How has called for an explanation on China's capital flight control policy and the contradictory information surrounding it.
"There is conflicting information from China's State Administration of Foreign Exchange (Safe) and the China ambassador to Malaysia Huang Huikang, as well as from Johor Menteri Besar (Khaled Nordin)," Cheo said in a statement today.
Huang had reportedly said that China's capital flight control policy would not stop its citizens from making real estate investments overseas.
Khaled had also said that the Forest City development project would not be affected by the capital flight control policy in China, Cheo said.
However, he pointed out, according to the new regulations on a form issued by Safe, beginning early 2017, it is stated that China's citizens are not allowed to buy properties, make security investments, buy life insurance and such.
Cheo also pointed out that even China's official television station reported about the capital flight control policy and also mentioned about the restrictions against buying property overseas.
There are two developments near Pengkalan Rinting in Johor by companies from China, with the Forest City development also being nearby, he said.
Almost 70 percent of these developments have been purchased by Chinese citizens, Cheo said, so with China's capital control flight policy, which supposedly prevents their citizens from purchasing property overseas, this would affect the local real estate market.
There has been an ongoing debate over the Forest City development project in Johor, which involves investment from China.
Former prime minister Dr Mahathir Mohamad has repeatedly claimed that the project could undermine Malaysia's sovereignty.- Mkini

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