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Mathahir: "Forest City Cannot be Sold To Foreigners"

Mathahir: "Forest City Cannot be Sold To Foreigners"

Old Aug 27th 2018, 9:13 am
  #1  
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Default Mathahir: "Forest City Cannot be Sold To Foreigners"

https://www.thestar.com.my/business/...oreign-buyers/

Malaysia will not allow foreigners to buy residential units built at the US$100 billion Forest City project in Johor, Prime Minister Dr Mahathir Mohamad said today.

The project has been wracked by uncertainty since Mahathir’s coalition scored a shock victory at the May 9 general election, as developer Country Garden Holdings Co looks to revive faltering demand for its plans to build a city that would be home to 700,000 people.

“One thing is certain, that city that is going to be built cannot be sold to foreigners. We are not going to give visas for people to come and live here,” Mahathir told reporters at a press conference.
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Old Aug 28th 2018, 10:02 am
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Default Re: Mathahir: "Forest City Cannot be Sold To Foreigners"

His comments have stirred some controversy:
https://www.thestar.com.my/news/nati...g-forest-city/
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Old Aug 29th 2018, 2:37 am
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Default Re: Mathahir: "Forest City Cannot be Sold To Foreigners"

The Prime Ministers office has provided a detailed explanation and clarification. The have no issue with the MM2H program applicants when the terms are properly met.

https://www.thestar.com.my/news/nati...s-must-be-met/
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Old Aug 29th 2018, 4:39 am
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Default Re: Mathahir: "Forest City Cannot be Sold To Foreigners"

My thought is Dr M tried answering two questions at once. As already mentioned before on the forum, owning property or a MM2H doesn't make you a resident, (MM2H) is just a Multi-entry holder.
Perhaps China also requested a statement to slow the outflow of money out of China. Or a friendly poke at the Sultan reminding him that the Fed-gov't makes the rules.
It would be interested to hear if the property agents are Promising these buyers something that they shouldn't. "Buy this property, and you get a free residence visas"...????
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