‘No curb on property acquisition in Malaysia’
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