Bill to remove cooling measures approved in one shot

The recently announced bill to remove cooling measures for the property market has been passed and approved at the Legislative Assembly (AL) in a single take.

As requested by the government, the bill was addressed yesterday as a matter of urgency, a procedure that skips the need for debate and discussion of the bill in detail at the Standing Committee, proceeding with the first reading, voting, and continuing to the second reading and final vote in just one take.

The bill was approved with the unanimous votes of lawmakers at the plenary session held yesterday afternoon and with little debate and few questions to the Secretary for Economy and Finance, Lei Wai Nong.

Among the few making comments were lawmakers Che Sai Wang, Ngan Iek Hang and Wu Chou Kit who expressed similar concerns.

More than criticizing the bill itself, the lawmakers reminded the executive of the need to follow up and evaluate the results of the implementation of the new law and promote promptly, if necessary, others to respond to the changing market.

Che also noted that it is not guaranteed that the removal of the cooling measures will have any effect at all, and certainly not the same effect as in neighboring regions that implemented similar measures, calling on the government to remain vigilant and work on measures to facilitate the new generation’s easier access to housing.

Lawmaker Ngan also mentioned young people’s access to the housing market, remarking particularly on the effects of the credit ratio, that is, the percentage of the total price the banking sector can finance via a mortgage.

In response, Lei said, “14 years ago the banking interest rate was low and there was a lot of speculation, so to avoid this and the financial risks the government launched measures to manage the demand,” remarking that the government is constantly addressing this matter and taking into account changing factors in both the local and international market. RM