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Showing posts with label Youth. Show all posts
Showing posts with label Youth. Show all posts

Monday, December 6, 2021

Time for China’s youth to wake up to the other side of ‘fanquan’

 

‘Tainted’ stars: The authorities in Hangzhou slapped fines on top livestreamers, Cherie and Lin Shanshan, for misreporting personal income as business income to evade taxes. — China Daily/ANN

WHAT kind of person is best suited to become an idol who can inject positive energy into the youth of China?

Certainly not the 88 people who have been placed on the livestreaming ban list.

Chinese authorities have turned their attention to the fan culture prevalent in the country. On Nov 24, the China Association of Performing Arts introduced a list of 88 people who are banned from livestreaming. The list includes Guo Laoshi, who was known for her crude sense of humour, and tainted stars such as Kris Wu and Zhang Zhehan.

The measures were necessary after the entertainment stars were found mired in scandals ranging from sexual assault to tax evasion.

The authorities in Hangzhou, capital of Zhejiang province, had also slapped fines worth US$14.6mil (RM59.2mil) on two top livestreamers, Cherie and Lin Shanshan, for misreporting personal income as business income to evade taxes – tactics similar to those employed by actresses Fan Bingbing and Zheng Shuang.

Such regulatory action will serve society well. People who want to become stars must first of all behave themselves. In the past, some stars have let their fans down when their misdemeanours were exposed and their image came crashing down.

Kris Wu is one of the banned 88.

Kris Wu is one of the banned 88.Kris Wu is one of the banned 88.

Sometimes “chaotic” fan behaviour has led to conflicts between young fans and their parents.

On Chinese social networking sites, fan groups are often referred to as fanquan, or “fan circles”. The fans are mostly believed to belong to Generation Z, being born after 1995, and their numbers have grown significantly in recent years.

However, gone are the days when celebrities served as role models to exemplify what hard work could accomplish. These days fanquan knows no limits. Fans go to any extent in order to blindly support tainted entertainment stars. They waste their time, and even money, for their stars and frequently engage in verbally abusing fans of their stars’ rivals.

There have even been reports of teenage fans stealing their parents’ money and credit cards to buy products endorsed by their idols.

Therefore, it was high time the authorities to ensure the healthy development of fan culture among the young. Teenagers, whose minds are still immature, make up a bulk of such fan circles. Such toxic fan culture can play a negative role on the development of adolescent minds. Also, doing away with such fanquan is necessary for creating a healthy competitive environment in the entertainment industry.

Entertainment stars and their agencies should shoulder some social responsibilities to ensure the fans know how to behave and abide by social rules. — China Daily/ANN 

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Sunday, May 6, 2018

Youth unemployment hit record high in 2017: MIDF Research

Young and jobless | Invest Cyberjaya

Graduate unemployment was 45.5 of overall jobless amid skills mismatch and demand for low-skilled jobs, says MIDF Research

PETALING JAYA: Youth unemployment was at its highest ever at 10.8% in 2017, of which graduate unemployment constituted about 40.5% or 204,000 of total unemployment due to skills mismatch amid a backdrop where demand for low-skill jobs continues to reign – which in turn may leave the government falling short of its 35% skilled workforce target by 2020, according to MIDF Research.

For every 100 jobs available, there are 76 jobs for elementary occupations and 10 jobs for plant and machinery operators and assemblers, which leaves 14 jobs for the high-skill and other low-skill occupations.

About 86.3% of job vacancies in 2017 were for low-skill jobs which was deemed less suitable for a fresh graduate while high-skill jobs such as professional, technicians and associate professionals, comprised 4.1% of the total job vacancies.

It noted that the high single- and double-digit unemployment rate among youth, defined as those between 15 and 24 years old, as being normal not only in Malaysia, but in Europe, the US and South Korea.

The high youth unemployment rate was mainly contributed by soaring graduate unemployment, despite the steady increase in tertiary-educated workers joining the workforce, which was also the fastest growing segment at 4.1%, followed by secondary at 3.2% and no formal education by 0.3%.

Employment share of professionals and technicians and associate professionals improved to 12.2% and 10.5% in 2017 expanding at 0.8% and 4.6% respectively.

“In terms of share, the rising stake of skilled-worker or tertiary-educated is in line with the Eleventh Malaysia Plan. Under the plan, the government estimated skilled-worker to total workforce ratio to touch 35% by 2020. Nevertheless, we view the ratio is not expected to reach the target at the current pace,” MIDF Research said.

“We forecast the skilled-worker ratio to register at 32% by 2020. Continuous improvement in production efficiency, resource allocations and better technology adoptions under the Industry 4.0 will facilitate and accelerate the productivity level in Malaysia in the long run,” it added.

The overall unemployment rate in the country remained low at 3.4% last year.

Malacca remains as the state with the lowest youth unemployment rate for the seventh consecutive year at 2.9% while Sabah recorded the highest at 13.5% in 2017.

Meanwhile, Selangor the largest employer, 23.2% of total national employment saw overall unemployment rate of 2.8% and youth unemployment rate of 9.4% last year.

The overall youth unemployment rate across all states registered poor performances compared with the previous year, 2016.

In 2018, the youth unemployment rate is expected to fall slightly to 9.9% and the overall unemployment rate to stand at 3.3%.

The job market outlook for commodity-based sectors is expected to improve in tandem with recovering commodity prices. This in line with anticipation of improvement in global trade, and higher demand for export products is expected to benefit industries such as electrical & electronics and mining.- sunbiz@thesundaily.com


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May 9, 2017 - Based on the latest developments in global and domestic economies, we anticipate youth unemployment rate to slightly fall to 10.1% while overall unemployment rate to stand at 3.3% in 2017. Youth unemployment rate hits 10.5% with number of unemployed youth reached 273,400 persons in 2016. Youth ...
 

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Sunday, April 16, 2017

Datuk Adam Rosly amassed so much wealth under scrutiny by corruption agency




Anti-graft investigators looking into the case of Ampang PKR Youth chief Datuk Adam Rosly’s “unusual” wealth are trying to determine how the 29-year-old amassed a substantial amount of cash and property at his age.

Officers who went to Adam’s house, dubbed by many as “Disneyland castle” in Ampang, seized five cars – a Mini Cooper, a BMW 5 Series, a Mercedes C200, an Audi A6 and a Toyota Vellfire.

Eight accounts under Adam and his wife’s name, with money amounting to RM212,461.41, were frozen.

Adam, who was detained after his statement was recorded at the MACC headquarters on Thurs
day, has been remanded for five days to allow the commission to investigate him.

He arrived at the court complex at 9.30am yesterday, clad in the MACC orange lock-up attire and smiled to the waiting cameramen.

Lawyers Nik Zarith Nik Moustapha and Asyraf Othman, as well as his mother, wife, baby daughter and a group of friends were waiting for him in the courtroom.

Magistrate Nik Isfahanie Tasnim Wan Ab Rahman granted prosecutors’ request for him to be remanded until April 18.

The MACC is investigating the case under the Anti-Money Laun­dering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.

Adam’s wealth came to the public’s attention after his political opponents questioned how he was able to afford his castle-style bungalow which they claimed cost RM7mil.

The special officer to Ampang MP Zuraida Kamaruddin, however, said he bought the house for RM1mil at an auction.

He also claimed that his money came from business ventures and family inheritance.

A source said the big question was whether Adam was actually involved in “proper” business ventures that brought him that much profit.

“Does he really have a business, did he really inherit a substantial amount of money or did he obtain it from ‘brokering’ or some kind of borrowings. We are sure there are ways for MACC to get to the bottom of this,” said the source.

MACC deputy chief commissioner Datuk Azam Baki said officers were still investigating the case.

“They are still finding more evidence and going through documents.

“Let them probe and we will see what comes out of it,” he added.

Source: The Star/ANN

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Sunday, January 29, 2017

Weeding out the worrying graft and corruption among Malaysian youths and politicians !

MACC deputy chief commissioner (prevention) Datuk Shamshun Baharin Mohd Jamil

MACC reveals 'worrying statistics'


KUALA LUMPUR: More than 50% of those arrested by the Malaysian Anti-Corruption Commission (MACC) in the past three years were aged below 40.

MACC deputy chief commissioner (prevention) Datuk Shamshun Baharin Mohd Jamil expressed concern over the finding and said it as an “alarming situation”.

Of the 2,329 people arrested since 2014, 1,267 were below 40.

“People in this age group are supposed to be nation’s backbone, who will shape the future of our country,” he said in his keynote speech at a public forum organised by the Institute for Democracy and Economic Affairs (Ideas) yesterday.

Shamshun said about 982 investigation papers were opened, 932 people were detained and 258 charged by the anti-graft body last year.

“MACC plans to engage with youths this year. The Gen-Y group always finds an easy way. We have to guide them from young and create awareness of what is happening around them,” he said.

On MACC seeking more allocation, Shamshun said the extra funds were for them to implement what they planned for the year.

“We need more whistle-blowers who can voluntarily come forward to report or provide information on corruption activities.”

He said such individuals will be protected under the Whistleblower Protection Act 2010, that shields informants from action. – by Ashwin Kumar thesun

Weeding out graft among youths

KUALA LUMPUR: The Malaysia Anti Corruption Commission (MACC) will push on with efforts to eradicate corruption in the civil service in the face of budget cuts, says its deputy chief commissioner (prevention).

Datuk Shamshun Baharin Mohd Jamil (pic) told reporters that the commissions’ plan for 2017 would be to focus on Government agencies, as well as arresting the growing trend of corruption among youths.

Responding to questions on cuts to the MACC’s budget, he said it was an issue faced by all agencies, though the commission had appealed for more funding to carry out its plans.

“We can’t do everything at once because of (MACC’s) strength and budget. But my concern is also about how many of those arrested are under 40 years old,” said Shamshun Baharin, adding that 54% of those arrested (1,267 of 2,329 cases) were under 40.

He attributed the trend to the generation’s environment and wanting to take shortcuts, which MACC aimed to combat with the establishment of a corruption prevention secretariat in higher learning institutions.

During his keynote address at the Institute for Democracy and Economic Affairs (IDEAS) forum titled ‘Supporting the MACC in the fight against corruption’, Shamshun Baharin said 2016 had been a successful year for the commission.

He revealed that arrest numbers had gone up from 841 (2015) to 932 (2016), of which 258 suspects had been brought to court, as of Dec 15 last year.

At the event, IDEAS CEO Wan Saiful Wan Jan launched a signature drive under its #NyahKorupsi campaign, to support the MACC.

“Our goal is to have more Malaysians come out in support of the MACC because it has made more investigations and arrests of corrupt top officials. There may be a time when they will need our help,” he said.

He said IDEAS would collect as many signatures as possible before delivering it to MACC chief commissioner Datuk Dzulkifli Ahmad.

To sign the petition, visit www.change.org/p/sokong-sprm-perangi-rasuah.

The other forum panellist included Transparency International Malaysia president Datuk Akbar Satar, Centre to Combat Corruption and Cronyism executive director Cynthia Gabriel, Friends of Kota Damansara chairman Jeffrey Phang and Sinar Project co-founder Khairil Yusof. - By Qishin Tariq The Star/ANN

Just you wait, MACC boss warns corrupt politicians

MACC chief commissioner Datuk Dzulkifli Ahmad,

PETALING JAYA: The Malaysian Anti-Corruption Commission (MACC) has warned corrupt politicians to “be careful”.

Its chief commissioner Datuk Dzulkifli Ahmad, in a live television interview yesterday, said he had previously stated that he would take action on anyone involved in corrupt practices, including “politicians of any rank”.

“On my 100th day as MACC chief, I said that I will not be stopped from taking action against politicians.

“Tonight, I would like to say to corrupt politicians, just you wait (tunggulah),” he said.

Dzulkifli added that the MACC was not worried about “protected individuals” who committed systemic corruption.

“There is no issue about them being protected, I can guarantee that all those who commit corruption will not be left alone. I will take action against them without fear or favour,” he added.

But Dzulkifli admitted that the MACC had its limitations in terms of logistics.

“There are only 2,900 members and officers in the whole of the MACC, of which only 900 carry out legal enforcement as others are in the prevention and education departments, among others.

“Now if you look at the civil service alone, there are 1.6 million of them, so that is one.

“Besides that, is budget, that has been cut, and it is at its lowest since 2013,” he said.

Dzulkifli, however, added that he would not allow the limitations to stop the anti-graft body from carrying out its duties.

The Astro Awani interview is Dzulkifl’s first ever live interview since his appointment in July last year.

Dzulkifli, a veteran in the civil service, was the head of the National Revenue Recovery Enforcement Team of the Attorney-General’s Chambers before being appointed chief commissioner.

He took over from Tan Sri Abu Kassim Mohamed, and his tenure is until July 31, 2021.

 - By D. Kanyakumari The Star/ANN

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Tuesday, June 28, 2016

Young adults in developed countries rent, we buy for good

While young adults all over the world are renting homes, Malaysias prefer to own homes as soon as they get their first pay cheque.

Instead of blowing their cash on pricey gadgets, young Malaysians are saving up for their first home.


While most Gen Y shy away from owning property in developed countries and big cities, demand from millennials here is still holding, especially with parents assisting them with the downpayment, Real Estate and Housing Developers’ Association Malaysia (Rehda) president Datuk Seri F.D. Iskandar said.

(Gen Y, also known as millennials, are commonly referred to those who are born in the early 1980s to 2000s. They are sometimes referred to as the strawberry generation).

Demand from first-time buyers, including the younger generation, remains strong although housing affordability is a challenge, said Bank Negara.

The central bank added that they accounted for 75% of 1.47 million borrowers.

Owning and investing in a house remains a priority for many Malaysians.

This is reflected in the household borrowing trend where the buying of homes continues to be the fastest growing segment of household lending, with annual growth sustained at double-digit levels (11% as at end-March 2016), said Bank Negara in a statement.

Those who cannot afford it themselves, and do not have parents to help, turn to their friends.

In his 30s, Daryl Toh, and two of his college mates own a condominium in Penang; they pooled their resources to purchase the unit five years ago.

“It’s in a premium area and since we couldn’t afford a place on our own – at least not prime property, we became joint owners.”

Financial adviser Yap Ming Hui said it makes perfect sense to own.

“Of course the Gen Y here are still keen on buying. You pay the instalments and eventually own a home. Only those who can’t afford to buy are forced to rent.”

Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector of Malaysia adviser Wong Kok Soo said property prices in Hong Kong have escalated beyond the purchasing power of the Gen Y but the trend hasn’t caught on here – yet.

Wong, who is also a consultant with the National House Buyers Association, however, said there were signs that the Gen Y could no longer afford to live in big cities like Kuala Lumpur, Penang Island, Johor Baru and Sabah.

“Parents are chipping in for the downpayment. And, commuting from the suburbs to the city centre is still an option.

“But when prices get inflated far beyond their means, the same will happen here (as in Hong Kong),” said Wong, who, however, felt that even if demand dropped, it would not be substantial.

Iskandar agreed, saying that although the property market was slow now, the drop was manageable. “Like everything else, it’s cyclical. “The property market goes up for years and after some time, begins falling before rising again.”

He said the market would pick up with the completion of infrastructure development and public transportation facilities.

Rehda, he said, was working closely with the Government to find ways to facilitate home acquisition especially among first-time buyers.

“We proposed a review of the financing guidelines that have negatively impacted buyers’ ability to secure financing,” he said. - The Star/Asia News Network

Demand from first-time buyers still strong despite affordability challenge


PETALING JAYA: Instead of blowing their cash on pricey gadgets, young Malaysians are saving up for their first home.

While most Gen Y shy away from owning property in developed countries and big cities, demand from millennials here is still holding, especially with parents assisting them with the downpayment, Real Estate and Housing Developers’ Association Malaysia (Rehda) president Datuk Seri F.D. Iskandar said.

(Gen Y, also known as millennials, are commonly referred to those who are born in the early 1980s to 2000s. They are sometimes referred to as the strawberry generation).

Demand from first-time buyers, including the younger generation, remains strong although housing affordability is a challenge, said Bank Negara.

The central bank added that they accounted for 75% of 1.47 million borrowers.

Owning and investing in a house remains a priority for many Malay­sians.

This is reflected in the household borrowing trend where the buying of homes continues to be the fastest growing segment of household lending, with annual growth sustained at double-digit levels (11% as at end-March 2016), said Bank Negara in a statement.

Those who cannot afford it themselves, and do not have parents to help, turn to their friends.

In his 30s, Daryl Toh, and two of his college mates own a condominium in Penang; they pooled their resources to purchase the unit five years ago.

“It’s in a premium area and since we couldn’t afford a place on our own – at least not prime property, we became joint owners.”

Financial adviser Yap Ming Hui said it makes perfect sense to own.

“Of course the Gen Y here are still keen on buying. You pay the instalments and eventually own a home. Only those who can’t afford to buy are forced to rent.”

Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector of Malaysia adviser Wong Kok Soo said property prices in Hong Kong have escalated beyond the purchasing power of the Gen Y but the trend hasn’t caught on here – yet.

Wong, who is also a consultant with the National House Buyers Association, however, said there were signs that the Gen Y could no longer afford to live in big cities like Kuala Lumpur, Penang Island, Johor Baru and Sabah.

“Parents are chipping in for the downpayment. And, commuting from the suburbs to the city centre is still an option.

“But when prices get inflated far beyond their means, the same will happen here (as in Hong Kong),” said Wong, who, however, felt that even if demand dropped, it would not be substantial.

Iskandar agreed, saying that although the property market was slow now, the drop was manageable.

“Like everything else, it’s cyclical.

“The property market goes up for years and after some time, begins falling before rising again.”

He said the market would pick up with the completion of infrastructure development and public tran­sportation facilities.

Rehda, he said, was working closely with the Government to find ways to facilitate home acquisition especially among first-time buyers.

“We proposed a review of the financing guidelines that have negatively impacted buyers’ ability to secure financing,” he said. - By Christina Chin The Star

A pricey priority



Wary of big, life-changing purchases, the ‘Strawberry Generation’ – those ‘easily bruised’, coddled young people in their 30s – prefers to rent, global reports say. Malaysians, however, are bucking the trend despite steep property prices. Mainly thanks to supportive parents, it seems.

BEST friends Leh Mon Soo, 38, and Brandy Yu, 39, are finally buying their first home.

After months of serious scouting, the two managers found units that matched their budget and needs, coincidentally, in the same condominium in Petaling Jaya. Leh is getting a three-bedroom unit while Yu is happy with a 48sqm studio apartment.

Yu feels that the RM365,000 she’s paying is affordable as she can still save about RM1,700 monthly after paying the loan instalment.

“I’m only paying RM400 more a month than what I’ve been forking out for rent. And unlike the rental, this unit will be mine one day,” she says.

Leh ended up forking out a whopping RM690,000 even though she dreads the long-term commitment. While “not a bargain, and at the upper limit of what I can afford”, she says that it’s still a pretty good price, as other, smaller, units were going for higher prices.

“I was only willing to pay RM500,000 initially. Then I saw a two-bedroom in the same condominium going for RM680,000. So I bit the bullet and got this. Property prices won’t be dropping any time soon and our ringgit’s shrinking. It’s now or never. I’ll have to cough up even more later if I don’t get a place now,” she says pragmatically.

The soon-to-be neighbours think property is still in demand, even among Gen Y-ers, aka Millennials (those born in the 1980s and 1990s, typically perceived as brought up and very familiar with digital and electronic technology).

But they’re more privileged because their parents have either already invested in property for them or are helping them buy it, Leh offers. Renting is not for the long-term, she says firmly, and even the younger ones know that.

The Malaysian mindset, Yu quips, is that everyone must own at least one property.

Gym owner Chip Ang, 26, agrees. He got the keys to his new 78sqm unit in Shah Alam last week.

Although it was his parents who suggested he get the RM168,000 place under the Selangor Government’s affordable housing scheme, Ang says property ownership is always a hot topic between him and his friends. Young professionals want to own property. The issue is affordability, he thinks.

“Many are unrealistic. They want their ideal home in the ideal place. Of course that’s unaffordable. Most affordable homes are in up and coming townships, not prime locations.”

The experience of getting his own place was a “blur” because it happened so fast, he says, though he does recall that, “because it’s affordable housing, I had to fulfil a number of requirements including proving that I’m a bachelor”. While the RM700 monthly mortgage payment is doable, he’s still nervous about being “tied down”.

Writer Teddy Gomez, 29, doesn’t think people have given up on owning property but sees a new trend emerging.

“Buying property is still big here but I see more renters because it’s cheaper and more flexible,” says Gomez, who got “a little help” from his dad buying a 83sqm apartment in Kuala Lumpur last year. Although the cosy RM400,000 unit is “not really affordable”, he says it’s time to leave the nest.

Like Gomez, a blogger who only wants to be known as Robyn, 24, thinks it’s nice to have your own space. She’s moving into an apartment in Petaling Jaya soon. The fresh graduate admits being lucky because her dad’s the owner. She’s getting the three-room unit for less than RM140,000 although it’s valued at over RM750,000.

“For the next three years, I’ll pay the RM3,800 monthly loan instalments. Now, I’m only contributing RM2,000 because I just started working. Dad’s helping until I can afford to take on the full amount myself.”

She knows she’s better off than most her age and is thankful for her family’s support – many of her friends are also looking for properties to buy but are resigned to living outside the city in places like Bangi and Kajang in Selangor. Still, with a RM200,000 budget, they’re willing to travel and own property rather than pay rent indefinitely.

Federation of Malaysian Consumers Association (Fomca) secretary-general Datuk Paul Selvaraj says it’s unfair to tell consumers to live on the outskirts of city centres because public transportation is still a problem in the Klang Valley. Unless the homes are accessible, living far away from the workplace isn’t practical.

National House Buyers Association (HBA) honorary secretary-general Chang Kim Loong sees a very strong demand for affordable properties in Malaysia because of our young population and urban migration.


For instance, the Government’s First House Deposit Financing (MyDeposit) scheme that was launched on April 6 received more than 6,000 online registrations within a week, a sure sign that Malaysians are still keen on owning property.

Fomca’s Selvaraj says property is a priority for most Malaysians because it’s a sound investment. They just can’t afford it in most urban areas.

“If you’re living on bread and water after paying your loan, then the house is unaffordable. For most young families, RM300,000-plus is affordable but it’s RM600,000 homes that are being built.”

Property is the best hedge against inflation so demand will always be strong, says HBA’s Chang. But there’s a “serious mismatch” between what’s classified as affordable by developers and the rakyat’s definition. To developers, an affordable property for first-time buyers is RM500,000. For upgraders, it’s up to RM1mil. Definitions on the ground are much lower. First-time buyers deem RM150,000 to RM300,000 affordable while those looking to upgrade can only pay between RM300,000 and RM600,000.

But if you can afford it – with family help, perhaps – M. Rajendran, 53, says invest early. The air traffic controller got his double-storey home in Kajang 21, Selangor, years ago for RM146,000. It’s worth at least RM600,000 now.

“If I hadn’t bought it then, I definitely wouldn’t be able to afford it now with the financial commitments I have. And at my age, no bank is going to give me a loan. Buy when you’re young because it’s cheaper and you can settle your loan faster.”

However, he warns that current economic challenges could result in a rise in the number of abandoned projects, so those looking at new properties should be cautious and do their homework.

“Scout around. Choose locations with infrastructure and amenities so that the potential for property prices to appreciate is higher.” - By Christina Chin The Star

Don’t bank on the banks


RELAXING lending conditions won’t help more people buy their own homes. It will only worsen the situation as developers increase prices further to match the lending surge, predicts Chang Kim Loong, honorary secretary-general of the National House Buyers Association (HBA).

Datuk Paul Selvaraj also doesn’t think it’s a good idea. The Federation of Malaysian Consumers Association secretary-general says home ownership is a right, and it’s the Government’s responsibility to make it a reality. The Government, he stresses, must either build more affordable housing or force developers to cater to the neglected market. It’s wrong to force banks to take bigger lending risks by calling on them to relax lending conditions, he feels.

“Banks will only lend money if they can get it back. It’s unfair to expect them to do otherwise. Also, if the borrowers cannot pay, they themselves will end up with a big headache.”

Banks are rightly stringent as times are uncertain, says Wong Kok Soo, an adviser to the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector of Malaysia and consultant to the HBA.

Lenient policies encourage purchases that are beyond one’s means and are not a good idea; instead, the margin of financing should be increased or the loan tenure extended, for first home buyers. For existing loans, there should be some flexibility in extending tenures and adjusting debt servicing ratio, he feels.

Last year, housing in Kelantan, Penang, Sabah, Sarawak and Selangor, as well as Kuala Lumpur, were listed as severely unaffordable by market experts. Nationwide, only Malacca made the affordable category with housing in the other states deemed either seriously or moderately unaffordable.

Bank Negara’s “Financial Stability and Payment Systems Report 2015” showed an increasing supply of homes above RM500,000 while those priced below RM250,000 accounted for less than 30% of the total launches in the first nine months of last year.

Deputy Urban Wellbeing, Housing and Local Government Minister Datuk Halimah Mohamed Sadique has since called on developers to build more houses priced at RM300,000 for Malaysians.

The next generation won’t be able to own property without financial help from their parents unless concrete measures are taken to increase the supply of properties costing between RM150,000 and RM300,000 and to stem the steep rise in existing property prices due to excessive speculation, says HBA’s Chang.

A Khazanah Research Institute report reveals that Malaysia’s housing market is considered to be “seriously unaffordable”, with a median house price of more than four times the median annual household income. This problem, Chang notes, surfaced a little under a decade ago but if prices continue to soar, the situation could worsen.

Not that there aren’t affordable schemes and funding plans in place to help – in the last 50 years, scores have been introduced but information on them is scarce, he observes. Details of projects by developers, state agencies and federal bodies must be available in a public database, he suggests. And a single umbrella body under the Federal Government must coordinate the distribution and availability of such units.

Chang stresses also that there’s no place for racial profiling when it comes to housing. Whoever deserves a house must get a house, he insists.

There’s never a wrong time to buy property but one must balance the risk of buying with renting, he advices. Owning a house is riskier as buyers take on enormous debts, sign multi-year loan agreements and become responsible for homeowner costs, he cautions.

“Flip through the newspapers – you’ll see many proclamations of sales of units for public auction that are below RM50,000. Some even dip below RM10,000. On bank websites, you’ll find property foreclosure cases.”

A list of properties put up for auction by CIMB bank showed 35 units in Selangor at reserved prices of less than RM42,000 – that’s the price of a new low-cost unit, notes Chang.

Low-cost units auctioned off for half of the purchase price is an alarming trend, he says. Unfortunately, there aren’t any official statistics on how many low income earners have lost their homes or are struggling with their monthly loan commitment. Where do these homeowners and their families end up living, Chang wonders.

Foreclosures can devastate a family’s economic and social standing, possibly leaving them poorer than before they bought the property. Financiers, local authorities and communities benefit from homeowners being better informed of their rights and responsibilities as borrowers. Ensuring that lower income households have sufficient personal financial management skills and support is crucial.

It’s not enough just to provide homes for the low- and medium-income group. Chang recommends that a homeownership education programme be set up to raise financial literacy and prepare households for the responsibilities of owning a home.

“Manuals, advice or information given via telephone, workshops or counselling to help households maintain their homes and manage their finances must be given before first-time buyers sign the sale and purchase agreement. Public housing schemes are only successful if buyers can hold on to their property.”

Specifically, Chang says education should cover:

> Pre-purchase period – understanding the various types of available housing, the process of buying a house, loan process, and financial preparation needed; and evaluating household needs.

> Post-purchase period – budgeting monthly expenses; making payments promptly; avoiding loan defaults; living within a community; social responsibility; property taxes, assessments, insurance, service charges and sinking fund; home maintenance; and handling problems with the property.

Educate yourself and learn from the mistakes of others to avoid being disappointed or, worse, becoming “house poor” (when most of your income goes towards home ownership), Chang advises. Aspiring buyers must get something that’s within their budget. It could be an older or smaller unit but start small and slowly increase your property portfolio, he says.

“Don’t let friends or family influence you into getting something that’s above your budget, as home ownership is a long term investment. You must be able to service the loan while maintaining an acceptable standard of living.”

The majority may prefer to rent while waiting for the market to soften but it’s better to have your own shelter, says HBA consultant Wong.

The average Malaysian, he insists, can still own property. Consider buying at auctions. Research is a must, though, as inspections aren’t allowed at auctions. It’s an “as is, where is” bid, he stresses. Find out about the surrounding units and the neighbourhood, he suggests.

Better to own but...


PROPERTY investment helps maintain our socioeconomic well-being and must be encouraged, says Datuk Seri F.D. Iskandar, president of the Real Estate and Housing Developers Association Malaysia (Rehda).

Property – a wealth-creation instrument without the volatility of stock markets – has consistently out-performed traditional investment options like bonds, he points out.

But to invest, one must study the property and its market potential. With the right location and strategy, property can be a very profitable investment. The value will appreciate over time, he says.

To many, the most important aspect of owning property is to secure a home. In current conditions, most developers are coming up with attractive packages to close the deal, so it’s a good time to buy. Securing a bank loan now, though, is one of the biggest barriers, he says.

Rehda’s recommendations to the Government and Bank Negara are:

> Encourage innovative home financing packages like the developers interest bearing scheme (better known as DIBS).

> Allow flexible or accelerated tiered payments (longer loan tenure so you pay less now but more later when your salary has increased).

> Relax loan approval criteria with higher financing margins (up to 100%).

Also, banks, he says, shouldn’t just focus on a loan applicant’s current net income; future prospects of higher salaries and other incomes and bonuses must be taken into account.

He dismisses talk that the average Malaysian has been priced out of owning his or her first home.

There’s still a range of prices and options in both the primary and secondary property markets, he says.

With new launches, developers usually offer special incentives, rebates or discounts that will help buyers reduce their initial payment. In the secondary market, however, what you see is what you get. Depending on what you’re looking for, factors like location, surroundings, facilities, transportation and infrastructure will help you decide.

“Property prices in city centres are high because of land value but there are many cheaper options in less-urbanised areas. There are many affordable houses, including those by PR1MA (the 1Malaysia People’s Housing Scheme). The average Malaysian can definitely afford these.

“With an improving transportation system and connectivity, these places are now easily accessible from city centres.”

We are paid enough

Property price and value to Income per country in SEA 20014

WAGES are rising in tandem with the country’s consumer price index (CPI), which is a broad measure of inflation and our productivity.

Both criteria are used to determine wages here, says Datuk Shamsuddin Bardan, executive director of the Malaysian Employers Federation.

While Malaysians lament how their salaries aren’t enough to cope with soaring costs of products and services, their grouses aren’t reflected in the low CPI numbers, he says.

“Measured against the CPI, our average salary growth isn’t lagging. In the region, our salaries are second only to Singapore. Of course, you must consider the currency exchange. Singaporeans earn an average of S$3,000 (RM9,000) while Malaysians take home RM2,800 monthly.

“But bear in mind that the productivity of Singaporeans is 3.8 times higher than ours. Their per unit cost of production per employee is lower than us. In the United States, the productivity level is seven times higher than ours. So when you say we aren’t earning enough, you have to consider our productivity level too,” he states, pointing to how in some of our neighbouring countries, the average salary is less than US$100 (RM400).

However, he acknowledges that houses are beyond the reach of most – and fresh graduates in particular – and adds that even when both husband and wife work, they still may not have enough for the down payment and are forced to rent.

It’s tough, he admits, even for those who have already been working for a decade, to own a house now without financial support from parents.

Related: Renting is OK too

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