‘No curb on prop­erty ac­qui­si­tion in Malaysia’

New Straits Times - - Business -

KUAN­TAN: China does not limit its peo­ple or com­pa­nies from ac­quir­ing prop­erty in Malaysia, said Chi­nese am­bas­sador to Malaysia Dr Huang Huikang.

“We have enough re­serves. In fact, our re­serves are as high as US$1 tril­lion (RM4.4 tril­lion), and rank No. 1 in the world.

“What you see are mea­sures aimed at strength­en­ing fi­nan­cial con­trol and curb­ing money laun­der­ing,” he said af­ter vis­it­ing the Malaysia-China Kuan­tan In­dus­trial Park and Al­liance Steel (M) Sdn Bhd, here, yes­ter­day.

In re­cent months, China has im­posed mea­sures to limit cap­i­tal out­flows, in­clud­ing tighter ap­provals for for­eign ac­qui­si­tions by Chi­nese com­pa­nies and in­di­vid­u­als.

Con­cerns were raised following a re­cent re­port that prop­erty de­vel­oper Coun­try Gar­den has closed its China show­rooms pro­mot­ing the For­est City project in Jo­hor amid Bei­jing’s crack­down on cap­i­tal out­flows.

Huang said China wanted to en­sure a bal­anced cap­i­tal in­flow and out­flow.

“The mea­sures will help to en­sure that the ‘One Road One Belt’ and Mar­itime Silk Road ini­tia­tives progress smoothly,”

Huang also said works on the RM55 bil­lion East Coast Rail Link project would com­mence in the sec­ond half of the year.

“Af­ter the project is com­pleted, Kuan­tan will be the main hub in the east coast for land and sea links. This is why the Kuan­tan Port is un­der­go­ing ex­pan­sion to be­come a deep­wa­ter port,” he added. Sim Bak Heng

PIC BY FARIZUL HAFIZ AWANG

China’s am­bas­sador to Malaysia Dr Huang Huikang (sec­ond from right) and East Coast Eco­nomic Re­gion Devel­op­ment Coun­cil chief ex­ec­u­tive officer Datuk Seri Je­basingam Is­sace John (right) dur­ing a visit to the Malaysia-China Kuan­tan In­dus­trial Park yes­ter­day.

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