Chinese Overseas Buyers Are Rational Despite MH370
Incident
Singapore and Malaysia
Closing in on Train Link
in the former country organise
concerted boycotts of products
from the latter, which hit its
automotive sector hard.
Still, analysts believe the effects
will not be permanent.
Kuala Lumpur International Airport
Growing acrimony in China
over Malaysia’s handling of the
MH370 crisis could jeopardise
Chinese buyers’ appetite for
property development here,
according to the Wall Street
Journal.
The news comes as rancour
in Beijing over the Malaysia’s
continued inability to find
the missing Malaysia Airlines
plane that carried 153 Chinese
nationals among the 239 people
on board has already torpedoed
the Visit Malaysia Year 2014
promotions in the country.
Families of the Chinese
passengers on the doomed
flight and their countrymen
became hostile towards Malaysia
following its announcement
on March 24 that satellite data
showed the plane “ended
somewhere in the middle of the
Indian Ocean”.
The absence of physical
evidence of the flight led some
families to label the Malaysian
government “murderers” for
implying that all those aboard
were dead..
“For now, marketing homes
in Malaysia is going to be a bit
awkward. It’s just like how we
don’t market homes in Japan
to Chinese customers,” an
anonymous Beijing-based real
estate consultant told the WSJ.
But the expected drop-off will
not only hit Malaysian property
developers; Chinese real estate
firms who invested heavily in the
market here could now end up
with lots for which they might
find fewer buyers.
One such firm was Guangzhoubased Country Garden Holdings,
who began venturing into the
local property market via Johor
Baru in 2012.
Sales in its Country Garden
Danga Bay project there last
year reached roughly 7 billion
yuan (RM3.7 billion), and was the
firm’s biggest sales contributor.
“The (MH370) incident has
brought some negative
impressions of Malaysia (and
the) Malaysian government,
and we do not preclude the
possibility ѡ