State govt has final say on lower property threshold for foreigner - Azmin Ali

Last update: 15/10/2019

KUALA LUMPUR, Oct 15  -- It is up to the state government to implement the lower property threshold for foreign ownership that was announced in the Budget 2020, Economic Affairs Minister Datuk Seri Mohamed Azmin Ali.

At the budget tabling last Friday, the government has lowered the property threshold for foreign ownership to RM600,000 from RM1 million.

“A few states have made the announcement that they will look into this matter (lowering the property threshold for foreigners) but certainly it is up to the state government to decide,” he told reporters at the parliament lobby today.

On oil royalty, he said, the government has agreed in principle to make cash payments to the oil-producing states of Kelantan, Terengganu, Sabah and Sarawak.

The current PH government according to him, did not use the “wang ehsan” payment (compassionate) as practised by the previous administration. 

“We are still using the old method but it is no longer managed by the federal government and we pay it directly to the state government as it is a right guaranteed by the federal government,” he said.

On the increase in oil royalty to 20 per cent, he said the matter was still under discussion.

Meanwhile, on the disposal of stakes in Malaysia Airlines by Khazanah Nasional Bhd, he said the sovereign wealth fund’s board of directors are still looking at all the proposals and options available.

“Certainly, we are hoping to conclude the discussion as soon as possible but we need to ensure that we get the best value in choosing the right partner to inject capital in Malaysia Airlines,” he added.