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Saturday, September 20, 2014

Property prices to further rise in Malaysia, Credit Suisse predicts

Higher selling prices does not necessarily mean bigger profits for developers with Credit Suisse noting that developers’ cost of doing business has reportedly risen 20% in the first half of 2014. “Margins are being compressed,” it said in a sector report on. The firm is negative on the sector.

PETALING JAYA: Property prices, which rose 8% in the first quarter of this year, will continue to head north, as developers pass on the rising cost of building houses to buyers, according to Credit Suisse.

But higher selling prices does not necessarily mean bigger profits for developers with Credit Suisse noting that developers’ cost of doing business has reportedly risen 20% in the first half of 2014.

“Margins are being compressed,” it said in a sector report on Monday. The firm is negative on the sector.

Property sales, especially in the affordable category, had slowed since the start of the year with measures to curb speculative purchases dampening sentiment in the property market.

The report indicated that the Government was considering additional measures to cool down rising prices with specific plans to address the issue of affordable housing.

Credit Suisse said it believed that measures to facilitate home ownership among the lower and middle income groups such as allowing developer interest bearing schemes for first-time house buyers or those below a certain income level, would be positive for the market.

“However, a blanket policy to stop the rise in property prices would be negative as sentiment is already so low,” it added.

According to the Real Estate Housing Developers Association’s first half of 2014 property industry survey, a majority of developers are either neutral or negative about the outlook for the second half of 2014.

This sentiment is expected to carry through to next year, with only 13% of respondents optimistic about the outlook in the first half of 2015. Developers have been holding back new launches this year, with only 39% of respondents launching in the first half compared with 52% a year ago.

Take-up rates fell to 49% in the period, the first time it dipped below the 50% level.

The main reason for slower sales was the difficulty for buyers in securing financing. Properties priced between RM250,000 and RM500,000 saw a 30% rejection rate, while properties prices between RM500,000 and RM700,000 experienced a rejection rate of 24%.

Additionally, growth in housing loan approvals has slowed since December 2013 and fell 13% year-on-year in July 2014. For the first seven months of the year, total housing loan approvals were up only 1% year-on-year at RM68bil.

But despite the soft market condition, Credit Suisse said it believed that prices would continue on an uptrend next year as input costs are pushed up by the Goods and Services Tax (GST).

“Residential properties are GST exempt, but developers would look to pass on the higher costs via higher launch prices,” it said.

Sources: Credit Suisse/PropertyGuru/The Star/Asia News Network, Wed Sept 17 2014

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Friday, September 19, 2014

How can China forget '9/18' Japanese militarists' "Mukden Incident" (望海楼) ?

On Sep. 18 of every year, the Shenyang ‘9/18’ historical museum holds a ceremony of sounding the alarm. The 14 bells and the 3-minute air defense warning are always an emotional moment for China. (People’s Daily/He Yong)




On Sept. 18, 1931, Japanese troops blew up a section of railway near Shenyang that was under their control. They then accused Chinese troops of sabotaging the railway to create a pretext for war. Later that evening, they bombarded the barracks of Chinese troops near Shenyang, starting a large-scale armed invasion of northeast China.
On July 7, 1937, the Lugouqiao Incident occurred, and the nationwide War of Resistance Against Japanese Aggression started.

83 years ago, Japanese militarists planned the ‘Liutiaohu’ event and then invaded northeastern China, unleashing full-scale aggression against China. However, this ‘9/18’ event has been deliberately obscured and ignored by Japan. There are only a few words about the event in the Hiroshima atomic bomb data repository: “Japan started its war against China starting on 18th September.” http://english.cntv.cn/special/sept3victoryday/history1931_1945/index.shtml

There are a number of equivocal accounts of the war crimes committed by Japan against China. After the Second World War, unreformed Japanese militarists refused to acknowledge what they had done in the war. They coveted China’s land and resources then, and the Japanese government’s conduct and its policies still indicate an attachment to militarism. The militarists dug their own grave by waging war against China. A militarist mindset will never be of benefit to Japan.

Why was China ravaged for years by Japan, which is only one thirtieth the size of China? Because Jiang Jieshi’s government pursued a policy of non-resistance, even though it had greater military power than its Japanese adversary.

Most of Jiang Jieshi’s troops withdrew without fighting, leaving southeastern China to fall into the hands of Japanese troops in just four months and 18 days. The great powers were busy trying to carve up poverty-stricken China. A backward China was bound to be mauled. These are valuable lessons to be learnt from history.

The victory gained by China in its anti-aggression war against Japan has created a solid foundation for its rejuvenation. 14 years of arduous war cultivated the Chinese people’s anti-aggression spirit. China's national strength is growing, and so is its national status. But China is still facing challenges from home and abroad, so we must remain vigilant against potential threats even in times of safety. As long as the Chinese people remain united in the spirit of anti-aggression, we can overcome any difficulties and realize China’s dream.

By Hua Yisheng - This article was edited and translated from 《“九一八” 我们怎能忘记(望海楼)》, source: People's Daily Overseas Edition

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9/3, China's Victory Day over Japan

Secessionism rising in the West; Scotland independence an inconvenient possibility; Scots choose to stay with UK

By Luo Jie

Tide of secessionism rising in the West

The Scottish independence referendum has come as a shock to the world at large. Even if the result of the vote vetoes independence for Scotland and maintains the unity of the UK, it is not so much a false alarm as a tremor shaking the whole Western system.

The UK is a representative country in the Western world. Despite the fact that the disintegration of the British Empire saw the painful departure of most of its colonies, the historic referendum on Scottish independence jeopardizes the integrity of its homeland. It is the fiercest outbreak of secessionism that has plagued major European countries in recent years.

The referendum is different from massive riots or disturbances in which immigrants acted as the main forces. It displays in a direct way a division in United Kingdom society. It is a showdown with the purpose of getting a "divorce."

The referendum conveys a signal that the Western system has taken on numbness and lost efficacy in dealing with conundrums. People in the rest of the UK did not take seriously the term "Scottish independence" years ago, which, however, has kept swelling and become a major factor for the UK's destiny. UK Prime Minister David Cameron made an appeal for Scotland to stay within the union and the US President also urged Scots to vote against independence, hoping the UK "remains strong, robust and united." Western countries are making concerted efforts to save a united UK.

There is also secessionism in the Oriental world, notably in China, India and Russia, where, however, legal, political and moral systems play an effective role. Liberal practices in the UK might have worked in the past, but now are facing immense uncertainty.

Since the end of the Cold War, the West has come to the pinnacle of power step by step, while the Oriental world has been threatened by myriad crises. Nonetheless, emerging countries have flourished now after more than 20 years has passed. They have overcome deadly shocks and developed an effective control system.

There are signs that the West has started feeling anxious in front of the collective competition of emerging economies. Western society now apparently lacks confidence in an unprecedented way. Terms like solidarity, cooperation and diligence have long disappeared from the dictionary of many Westerners, who instead pursue maximized profits by using financial or political means.

Meanwhile, the vigor of the Oriental world is deeply rooted in people's hard work and political progress gained at the cost of bitter lessons in the past. This represents a development trend of the world: Human society is seeing narrower gaps, which will likely be the essence of globalization.

Source:Global Times Editorial

Scotland: An inconvenient possibility 


William Wallace, Robert the Bruce, David Cameron.

It's ironic but if there is a yes vote in the referendum in Scotland on Thursday, and it is once again ruled from Edinburgh rather than London, it will be in large part thanks to David Cameron, the incumbent prime minister of the United Kingdom. Not only did he have to give his government's consent for the referendum to go ahead, but he also ruled out the option of what is now being referred to as devo-max, the devolving of more powers to the Scottish parliament, and instead insisted on a straight yes or no choice to the question: Should Scotland be an independent country?

With the opinion polls at the time showing a healthy majority in favor of maintaining the Union, it was decided a straight yes/no independence referendum would result in vote in favor of keeping the union. However, that is looking a lot less like a sure bet now, with the polls showing the yes and no votes running neck and neck.

Just 10 days before the referendum, with the polls showing an upswing in people saying they intended to vote yes, the three main English parties struck a deal and pledged to give more powers to the Scottish parliament. But no details have been forthcoming of what this entails and no timetable presented. So it will probably not sway the minds of many still undecided voters.

If there is a yes vote, the Scottish government will have to set in motion the process for a written constitution, and there are hard negotiations that will need to be completed, not least on key issues such as a currency union, Scotland's share of the UK's national debt, and what will happen to the four submarines carrying missiles armed with Trident nuclear warheads that are stationed in Scotland, before the proposed independence date of March 24, 2016.

An independent Scotland will also have to negotiate for membership of NATO and the European Union. The rest of the UK, or rUK as it is known, would retain membership of NATO and the UN Security Council, as the government in London would retain control of Trident, but there would be growing pressure from those living in some cloud-cuckoo land of an imperial past for it to opt out of the EU.

Those claiming that Scotland is better off as part of the UK have been suggesting it is not a foregone conclusion that an independent Scotland will be able to join the EU. They have also tried to paint a dire picture of the future with the support of the oil companies and big banks, which have threatened to head south.

However, while independence does mean uncertainties, most of which can and will be resolved through negotiation, it also offers new opportunities. Despite the no camp's unproven portents of doom, there is a belief among many, not just in Scotland, but elsewhere in the UK, that too much power is centralized in Westminster, and it favors the wealthy at the expense of the poor. The wealth gap continues to widen and this is evident not just in Scotland, but also elsewhere in the UK.

With a growing number of people struggling to pay their bills, there is a perception that those supposed to safeguard their interests are too busy finding ways to pad their claims for expenses and voting for their own pay rises to listen to their concerns. It has been said only half in jest that it is London and the South East of England that should go independent, because they are far removed in mindset from the more community based values of the rest of UK.

The Better Together pro-unionists have tried to portray the yes voters as hearts-over-minds anti-English nationalists nursing historical hurts as well as present grievances. Yet to many in Scotland, not just Scots, but residents of other nationalities, including English, better together means people in Scotland working together for a fairer society, one that is not victim to the whims of the unchecked free-market pursuit of profit. The central question for many is which option, a business-as-usual more-of-the-same no vote or an uncertain-hopes-for-the-future yes vote, offers the best chance of creating a more caring and equitable society.

To overseas observers who say Scotland would become irrelevant if it votes for independence and the UK diminished in stature without Scotland, most of those who intend to vote yes might reply, that's just fine; Scotland is just a small country on the fringe of Europe that doesn't need or want to strut upon the world stage - something its leaders should bear in mind if the vote is yes.

By Hannay Richards (China Daily)/Asia News Network

Cameron thanks Scots for choosing to stay, promises a more unified UK

UK Prime Minister David Cameron is now delivering a speech. Let’s go live to see what he is saying.

Wednesday, September 17, 2014

Malays are lazy, dishonest and prefer to be Mat Rempit, Tun Dr Mahathir lamented!

Tun Dr Mahathir Mohamad said Malays are still unwilling to change their "lazy" ways

Former Prime Minister Tun Dr Mahathir Mohamad said Malays in the country are lazy, dishonest and complacent.

In an exclusive interview with Mingguan Malaysia, Dr Mahathir said Malay men are also lagging behind the women, with many of them preferring to become 'Mat Rempits'.

"The Malays are lazy and they are not interested in studying. If we go to the universities, 70% of the students are women, so where are the men?," he asked.

"They prefer to become Mat Rempit, that is why I said they are lazy," Dr Mahathir was quoted in the report.

In the interview, the longest serving former premier had also said that the largest race in Malaysia has not changed their “lazy” ways and also lamented over the fact that he has not been able to change that during his tenure as Prime Minister.

“I have never wanted to fool myself. If they’re lazy, I call them lazy. If people don’t like it, then be it. When I was UMNO president, I used to nag all the time,” he said commenting on the criticisms he received over his comments.

Dr. Mahathir also added that apart from being lazy, the Malays tend to be dishonest where money is concerned, and often forget themselves when they have money.

“Now I have a bakery. I want to say honestly, I am ashamed because among the Malay, Chinese or Burmese or any other workers, the Malay ones sometimes when they see money, they forget themselves, they become dishonest," he said.

He said he was forced to sack many of his Malay staff working in The Loaf, his Japanese-inspired bakery, for swindling money.

In the interview, Dr Mahathir also said that Malays often refuse to pay their debts, although they have the means to do so.

"How many Malays are there who refuse to settle their debts? They receive scholarships and student loans but refuse to pay back.

This is not a question of being unable to, they have the money but just refuse to honour their commitments. We must be honest," he was quoted.

He said this was the reason why many contacts are being awarded to the Chinese, who he said are more trustworthy, than the Malays.

"We have to be trustworthy so people will give contracts to us. When we want to give contracts, we give to the Chinese instead because we know they will do their work properly. This is our weakness, we are not trustworthy."

He said Malays should also take the Japanese as an example to become better.

"Why did I introduce the Look East policy in 1982? It was because I admired the Japanese for their attitude when it came to work," he said.

Contributed by Izza Izelan, Astro Awani September 14, 2014

The familiar lamentations of Dr Mahahir

The former premier’s latest remarks about ‘lazy Malays’ cause a stir among Malaysians.

TUN Dr Mahathir Mohamad used to have only two upmarket bakery outlets known as The Loaf – one in the picturesque Telaga Harbour, where luxury yachts berth in Pulau Langkawi, and the other at Pavilion, Kuala Lumpur.

The number of his outlets, which sell breads and pastries using Japanese techniques, has grown to more than five. As such, he has to hire more staff.

A few months ago, a manager was caught stealing money from the cash register.

The suspicion began when the daily collection was not deposited into the bank. The Malay manager was caught red-handed and the incident infuriated Dr Mahathir.

“I am operating a bakery and have given many opportunities to Malays to hold management positions. Unfortunately, time and time again, honesty and integrity appear to be lacking as there have been staff who keep stealing money,” he said at the launch of the book Wahai Melayu: Allah Tak Akan Ubah Nasib Melayu Kalau Kita Tak Ubah Nasib Kita Sendiri by Anas Zubedy.

“They do not seem to understand that it is wrong to take what is not theirs; they do not think of the big picture or the long term,” he said.

The statesman repeated the criticism in an interview with Utusan Malaysia last Sunday.

That led to various interpretations, particularly on his criticism of the leadership, especially the current prime minister, especially at a time when the Umno general assembly is coming up.

But those present at the book launch believe that his remarks were in line with what he has consistently brought up, whenever the occasion suited it. They dismissed any suspicion of political conspiracy.

The book by Anas, a writer and speaker on motivation, is aimed at young Malay entrepreneurs. In the foreword, the author debunks the myth that the Malays are a lazy race who are only good in politics and the arts, but not in business.

“These are self-limiting artificial boundaries and we ought to break them,” he writes.

“What we need to do is to find the right motivation and inspiration for a specific culture like the Malays.”

But in his hard-hitting speech, Dr Mahathir spent 20 minutes arguing that Malays “lack honesty and inte­grity” and that they fail to “handle money properly” unlike the Chinese or even Myanmar nationals.

Ethnic Chinese, he said, were more honest compared to native Malays where money is concerned. He said these were the reasons for the Malays’ economic failures.

“We have to be trustworthy so people will give contracts to us. When we want to give contracts, we give to the Chinese instead because we know they will do their work properly. This is our weakness – not being trustworthy,” he added.

“If we fail, we should not blame anyone but ourselves. We have failed because we did not do what was right,” he said.

In the Utusan interview, Dr Maha­thir said Malay men were still lazy, citing the gender imbalance at institutions of higher learning, where the majority was women.

“They (the men) are not interested in studying and revising. If we go to the universities, 70% of the students are women. Where are the men?”

“They prefer to be Mat Rempit, that is why I said they are lazy.”

Dr Mahathir’s comments raised a storm, with some in social media suggesting that he should be arrested for sedition. The Selangor chapter of Malay rights group Perkasa, however, termed his remarks as “father­­ly advice”.

Veteran journalist Datuk Kadir Ja­­sin reportedly said people should not get upset or sulk over Dr Maha­thir’s remarks, especially with regards to the Malays being lazy, as there were those who were hardworking and excelled in whatever they did.

“Give them a crutch and they will turn it into a paddle and a pillar,” he said, adding that there were those from the community who had succeeded and made a name for themselves in the country and all over the world.

Citing legendary warrior Hang Tuah’s famous rallying cry that Malays would not vanish from the world, Kadir said the Malays were rulers and made up the bulk of the civil service, such as the police force, Customs and Immigration departments, and the teaching profession.

Not all Malaysians would agree with Dr Mahathir’s assessment, with some saying he is still caught up in racial stereotyping, even if it is aimed at his own community.

Nobody in his right mind would say Malays are lazy, Chinese are greedy, or Indians are disho­nest. In fact, few Malaysians, especially the younger ones, would link any race in Malaysia with any specific trait or even a vocation.

The NEP has, in many ways, succeeded in its two-pronged strategy of eradicating poverty for all Ma­­laysians as well as reducing and subsequently eliminating identification of race by economic function and geographical location.

Lazy and indolent natives were a favourite theme of 19th century colonialists who wanted the natives to work at producing food while putting migrants to work on the modern economy for their benefits.

Thus grew the myth of “lazy” natives and this myth continued after independence and was even believed by some Malaysians. It was only put to rest by scholars like Syed Hussein Alatas, who wrote a seminal work The Myth of the Lazy Native to explain British colonial policies.

Dr Mahathir is, however, a smart man.

Not only was he the longest ser­ving prime minister, but he also turned the country into an economic powerhouse, and only smart people could achieve that.

He also believed in throwing good money at individual Malays in the hope that he could achieve a successful Malay entrepreneurial class in a short time.

Some of his efforts ended in failure while others succeeded – but the failures always got the bigger headlines.

Thus was born one of the great themes of his political life – that he had failed to change the Malay mindset and that they preferred to live poor in a rich country.

Thus was also born the phrase, Melayu Mudah Lupa (Malays forget easily).

But while such generalisations will guarantee headlines, the reality is that one simply cannot tar a whole race with the same brush, the way you tar a person or two.

Dr Mahathir might have repeated the “lazy native” syndrome perhaps to get the attention of the Malays, in particular Umno members who are in the midst of division meetings and passing resolutions in support of Islam, Malays and the rulers.

It is a given that even after his retire­ment, Dr Mahathir needs to be at the centre of national life. He needs to have everything revolving around him and needs to command the national dialogue.

So he relies on an old theme that is sure to spark a huge controversy – like the myth of the “lazy Malays”.

But Malaysians want to move on. They want to get out of this race trap and the least said about such stereotyping would be better for Malaysia.

Comments contributed by Baradan Kuppusamy The Star/Asia News Network

The views expressed are entirely the writer’s own.

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Tuesday, September 16, 2014

Possibility of Third World War as Ukrainian Crisis Deepens!

EU vs Russia

As possibility of third world war exists, China needs to be prepared

As the Ukrainian crisis deepens, international observers have become more and more concerned about a direct military clash between the US and Russia. Once an armed rivalry erupts, it is likely to extend to the globe. And it is not impossible that a world war could break out.

The world war is a form of war that the whole world should face up to. During human evolution, the world war has entered its third development phase.

The first phase took place between nomadic societies and farming groups. The second phase was featured by colonial wars, with WWI and WWII as its special representatives.

Currently, the world has entered an era of new forms of global war.

Outer space, the Internet and the sea have become the battlefields of rivalry. Technology is the key, and the number of countries involved is unprecedented.

The rivalry on the outer space and the Internet takes place with the rivalry on the sea as the center stage. During WWII, some major powers attached significant importance to the sea.

Alfred Thayer Mahan, a US military strategist who died in 1914, coined the notion of sea power. He advocated valuing the naval forces, commercial fleet and overseas military base, which served for wars on the land.

But nowadays, we stress the importance of power in the sea. Judging from the contention of the global sea space, the Arctic Ocean, the Pacific and the Indian Ocean have seen the fiercest rivalry. It's likely that there will be a third world war to fight for sea rights.

In an era when a third world war may take place, an important topic for the Chinese military is how to develop its power to maintain its national interests.

This should become the basis for its development, because since the founding of the PRC, the development of its military forces has been centered around maintaining its rights on the land. As the rivalry on the sea grows intense, China's military development should shift from maintaining the country's rights on the land to maintaining its rights on the sea.

Meanwhile, China is standing at the focal point of rivalries. This requires China to develop its military power based on a global war. China is in the heartland of the Arctic Ocean, the Pacific Ocean and the Indian Ocean.

The development of China's sea power touches the nerves of many countries. China needs to develop its military power to avoid being squeezed to a passive position.

China's overseas interests have spread all over the world. As the US has been shifting its attention to the Asia-Pacific region, especially aiming at China, China's overseas interests have been increasingly threatened by the US.

Without large-scale military power, securing China's overseas interests seems like an empty slogan.

The long-range or overseas combat capabilities of China's sea and air forces are quite limited yet. If we don't view the development of sea and air forces with a farsighted view, we will face various restraints when building up the combat capabilities of sea and air forces or maintaining overseas interests. This will lead to the backwardness of China's sea and air forces.

China should not be pushed into a passive position where it is vulnerable to attacks. We must bear a third world war in mind when developing military forces, especially the sea and air forces.

Posted in: Viewpoint By Han Xudong Viewpoint Source: Global Times Published: 2014-9-15 19:38:01

The author is a professor at the PLA National Defense University. opinion@globaltimes.com.cn

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