The government is looking into the possibility of reducing the percentage of foreign ownership in Johor's Forest City project, said Housing And Local Government Minister Zuraida Kamaruddin.
During a press conference in Putrajaya today, Zuraida said while it was still premature to arrive at a decision on the issue, she believed the government was leaning towards decreasing the number of the project's foreign owners.
“It's still premature, but I think the direction should be going for less,” she said when asked to comment on the likelihood that the proportion of Forest City's foreign owners would be reduced.
Buyers from China reportedly account for 70 percent of properties bought in Forest City so far.
The project is being developed by Country Garden Pacific View Sdn Bhd (CGPV), which is owned by Chinese company Country Garden Holdings.
Zuraida said her ministry was still studying the project, and one of its aims was to ensure that local participation and benefits were not sidelined.
"At the moment, that is the main concern because the Forest City project, through the state government's policies, allow up to 70 percent foreign ownership.
"I think this is an issue which we have to study and review, and see what is the best way to ensure local participation and local benefits are not sidelined so that the locals in Johor can also enjoy an advanced and high technology development which features, among others, characters of sustainable city and green city,” she added.
Zuraida said the ministry would need to "listen to all parties" in their investigation into the project, after which the findings would be presented to the prime minister and cabinet.
The minister said she would also meet with the local contractors involved in the project to obtain their views on foreign ownership.
Responding to a question, Zuraida said Putrajaya was also looking into whether the state or federal government has the power to decide on the policy.
Apart from this, the ministry was also studying whether there is a need for a blanket policy on foreign ownership.
On the issuance of visas for foreigners who purchase houses in Malaysia, Zuraida said the Home Ministry has been asked to tighten their procedures with regard to the Malaysia My Second Home (MM2H) programme.
"It is something that the cabinet has been thinking about, that we need to control (the issuance of) visas and visit passes under the programme,” she added.
She also clarified that foreigners who acquire properties in Malaysia are not automatically entitled to receive a Malaysian visa.
Last month, Prime Minister Dr Mahathir Mohamad said that houses being built in Forest City cannot be sold to foreigners because the government was "not going to give visas for people to come and live here".
Following this, CGPV issued a statement claiming that Mahathir was contradicting what he told the company during their meeting earlier in the month.
Three days ago, the Johor state government was reported to have proposed a 30 percent quota for Malaysians in the project amid concerns of mainland Chinese immigrating to the state. - Mkini
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