Putrajaya targeting China, HK buyers for RM100b in unsold high-end properties

Putrajaya is looking at organising a Home Ownership Campaign either in mainland China or Hong Kong to attract Chinese buyers to come and invest in the local property market, which is cheaper by comparison, said Housing and Local Government Minister Zuraida Kamaruddin.“I went to one flat of 250 sq ft worth RM3 million in Hong Kong, and said even a minister cannot afford to buy property in Hong Kong,” she told reporters at the fifth Smart Cities Asia Conference 2019 in Kuala Lumpur today.

Her ministry, she said, would discuss the issue with the cabinet and expects to work with the Tourism, Arts and Culture Ministry on it. The HOC is an initiative announced by Finance Minister Lim Guan Eng during the 2019 Budget, whereby local house-buyers would be exempted from stamp duty for purchase of residential units built between January and December 2019.

Developers will also offer attractive discounts and packages for house purchases made during this period.

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