Industrial & Commercial Bank of China may land in Malaysia soon
The source from Bank Negara,the central bank of Malaysia says that the banking license to Industrial & Commercial Bank of China is processing currently and it could be done before November 10,2009.Why is that date?Chinese Chairman Hu Jintao will have his official visit to Malaysia from November 10-11,2009.
Many observers think that Malaysian government will offer the license for banking service to the related parties,however,they want to get more strategic investments and financial supports from China to push the local economical growth from the recent recession.
Simplified it,China has money and is always looking for some opportunities to make investments.On the other hands,Malaysia is lack of money and is always looking for some chance to attract more foreign investments.That’s why they are going to make a deal.I can see that more and more business and cultural activities is going to hold between two countries.But I can’t see that Malaysian government gives any extra benefits to the Chinese.For example,I’m going to have marriage with my fiancée who is Malaysian Chinese and after the marriage,we decide to stay in Malaysia for some years.Thus,we need to buy a property to stay.
According to the law,foreigners are only able to buy a property valued more than RM250,000 in KL and Selangor and there’s no exemption to a foreign spouse of a Malaysian.I understand this clause protects the low-mid income citizens as foreign investors may push up the property prices if no restrictions here.But in my case,the property could be only under my fiancée’s name if the preferable property is under RM250,000 and nothing protects me.
Malaysian government still needs to be a bit smarter to welcome more foreign investments.
