China investor sells off properties worth RM4m after MM2H rejection

PETALING JAYA (July 17): A China property investor has disposed of the four properties which she purchased last year after her Malaysia My Second Home (MM2H) application which was submitted 10 months ago was rejected, China Press reported today.

According to the report, the investor from Beijing was interested in settling down in Malaysia when she purchased four residential properties in Kuala Lumpur worth over RM4 million.

Two of the four properties she bought were ready for handover currently but she was unable to get the keys owing to the travel restrictions.

The real estate agent who assisted her told the Chinese language daily that the MM2H application was submitted in October last year, and the investor actually had plans to move to Kuala Lumpur with her husband and two children.

However, on June 20, 2020, he received a letter from the Ministry of Tourism, Arts and Culture (MOTAC), rejecting the application without providing any reasons.

The investor was disappointed with the results after waiting for 10 months and the uncertainties over appeal to the authorities. Thus, she decided to sell all the properties that she purchased.

The real estate agent added that besides the Beijing investor, two Hong Kong residents who submitted their applications in September and November last year were also rejected.

The MM2H programme is a Federal government initiative to allow foreigners who fulfil certain criteria to stay in Malaysia on a 10-year renewable social visit pass with multiple-entry visa.

On July 2, the Minister of Tourism, Arts and Culture Nancy Shukri announced that the MM2H programme has been temporarily frozen until a year-end for review and further improvement.

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