Bottom of the market

• 12 February 2018
• 0 comments

Leading figures in the Kuala Lumpur property market have started to issue dire warnings about price drops for luxury homes and apartments. Such properties are no longer selling for the high prices demanded before the 1MDB and more recent government scandals.

Nothing surprising there. That market was held up to some extent by dishonestly acquired funds and criminal purchasers. With such money leaving for cooler climes an early victim is the fancy property market.

After all anyone in possession of such property can expect to be asked questions by the police and the Tax authorities that they would find it difficult to answer. So much of the hot money is going elsewhere.

That is bad news for arch thief Najib and his friends. Not only have they lost notional value in such property but they face expropriation and prosecution after GE14. The fall in the market clearly shows that some have already run for it. Najib and cronies would be wise to do the same NOW