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Malaysia welcomes FDI in real estate
Real estate news By People's Daily Online
September 28, 2007
The Malaysian government will support foreign direct investment in real estate in Malaysia, said secretary of Prime Minister's Office K. Govindan at the first Global Chinese Real Estate Conference here on Thursday. Govindan, representing Minister in Prime Minister's Office Mohd Effendi Bin Norwawi, said that the government had canceled profit tax of real estate, and would further reduce and cancel some other taxes to encourage the development of real estate.
Govindan introduced the Iskandar Development Region, located in Malaysia's southern Johor state, and Northern Corridor Economic Region to promote foreign direct investment in real estate in these economic regions.
Real estate developers from more than 10 countries and areas, including Malaysia, China, Philippines, Singapore, Thailand, Japan and Hong Kong attended the conference to discuss establishing business cooperation, investment opportunities, exchanging of information and forming the Global Chinese Real Estate Developers' Federation.
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