KL relaxes property rules

KL relaxes property rules

KUALA LUMPUR (AFP): Malaysia's Acting Prime Minister Anwar Ibrahim said yesterday the government would rules over property buyers to allow foreign investors to purchase office and shopping complexes.

"I have asked the foreign investment committee to give more flexibility to allow foreigners to buy properties including condominiums within the city limits," he told reporters here.

"Any proposals forwarded by foreigners will be considered immediately," he said, adding that all of the country's state governments would soon meet to discuss and draw-up uniform guidelines.

Anwar, who is also finance minister, said property developers had complained that the committee's restrictions were inhibiting the natural growth of the property sector.