Budget 2019 will help overcome the residential property overhang, says Public Bank founder

Budget 2019 will help overcome the residential property overhang, says Public Bank founder
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KUALA LUMPUR (Nov 2): The various housing measures proposed in Budget 2019 will benefit the low-income group, first-time home buyers, government servants and address the current overhang situation of residential properties, said Public Bank Bhd founder and chairman Tan Sri Dr Teh Hong Piow.

Noting that the government is exploring property crowdfunding under the peer-to-peer financing framework as an alternative source of financing for first-time home buyers, Teh said Public Bank will explore its possible role in participating in this innovative mechanism to lend support to first-time home buyers.

"Despite the economic and fiscal challenges, Budget 2019 has been crafted with wholesome and inspiring approaches to enhance the well-being of the people, as well as to promote the entrepreneurial culture among businesses for Malaysia to return to the status of 'Asia Tiger'," he added.