Chinese women's marriage criteria,logical search for a mate

72% of women consider housing as a key requirement for a marriage partner, says the latest report of the Chinese Marriage Status Survey 2014, issued by China’s leading marriage service provider Baihe.com on Jan.11, 2015.

Researchers collected the results of 73,215 online questionnaires and held in-depth off-line interviews with 200 single men and women from 34 provinces, municipalities and autonomous regions.

Why still single?

The report shows that 63% of single men and women spend an average of more than six hours alone on their rest days; and 32% spend more than 10 hours alone. Surfing the internet, hanging out with friends, and just “quietly” staying at home have become the top three activities for single people.

32% of single women follow TV dramas while 67% of men scan websites, killing their private time at home.

The report concludes that the main reasons for remaining single is too much time spent alone - too few social contacts is the top obstacle to meeting the right person. 80% of single women report this.

Gender differences in marriage requirements

Nowadays, love is no longer the only passport for two people to enter marriage. The report says that more than 40% of single men and women are only willing to get married with a person in a suitable situation. People are becoming ever more rational and realistic when choosing their spouses.

The top three concerns for single men are appearance, physical health, and emotional experience. Single women attach more importance to a partner’s financial situation, physical health, and career.

33% of single men and 27% of single women have experienced interference from parents in their relationships.

Focus on housing

The report shows that 71% of women view housing as a key requirement for a potential marriage partner. 18% of women counted car ownership as one of the basic requirements, a rise of 9% compared with 2012. Both men and women said that a stable income and some savings were important factors.

Nearly 60 percent of women do not intend to have a second child, according to the report, although China has relaxed its birth control policy to allow couples to have a second child if either parent is an only child.

The report also shows that 33% of women think that Chinese men do not deserve Chinese women, in terms of "self-accomplishments and ability to care for themselves." - (People's Daily Online)

The logical search for a mate

‘Love’ takes a back seat when seeking prospective life partners

LOVE is not the only criterion for marriage in China. A recent survey shows that more than 40% of Chinese look to marry someone who suits them in appearance, educational background, social status, income and other characteristics.

Baihe.com, a major dating portal in China, released its 2014 Chinese Marriage Status Survey Report on Sunday.

The site has tracked marriage trends in the country since 2007.

The latest results show that 44.4% of male and 49.7% of female respondents said the reasons for their choice of a marriage partner include their prospective mate’s coming from a family of equal social rank.

“This means people are much more rational when it comes to the marriage decision,” the report said.

“They would like to match each other under every single standard. Love is no longer the only pass.”

The report also said that more than 70% of female respondents said they would consider marriage only if the male partner owns property.

And more than 70% of the women hoped their future husband’s income would be double their own.

Zhou Xiaopeng, the chief marriage consultant at Baihe.com, characterised the phenomenon as “supermarket marriage”, where people come with “money in hand” and want to select the best “products” after shopping around.

Tu Ying, a researcher at the portal, said that seeking a partner with quantifiable requirements is efficient.

“In everyday life, it is more and more difficult to find the right person and get to know him or her – not to mention the cost it comes with,” Tu said. “If people start with quantifiable standards, and then develop their relationship based on that, it is more likely to be a stable relationship.

“Starting marriage with money cannot guarantee stability from the beginning.

“Every relationship needs cultivation from each side.”

Zhou Xiaozheng, a professor of sociology at Renmin University of China, attributes the new approach to marriage choices to changes in society.

“Chinese people’s view of choosing a mate has undergone many changes,” Zhou said.

“In the past, marriage was arranged by parents, which reflected the will of family or country. Then it became a personal choice, or socalled love choice. And now it is more related to material standards, or what we call materialism in marriage.”

“This is simply because people live in a materialistic world: A couple needs an apartment to live in, which costs a lot; the couple needs to find a good school for their children, which costs a lot; the couple who live far away from their parents need to find a way to support them, which also costs a lot,” Zhou said. “It is a vicious circle.”

Zhou said to reverse the materialistic trend, the country needs to continue its anti-corruption campaign and improve social welfare, and young people need to know that money is not the solution to everything. - China Daily/Asia News Network

Virgin killer was adored

'Unloved' killer was adored

For someone who felt unloved and wanted revenge for that, Elliot Rodger was a much-loved child.

His Malaysian-born mother Ong Li Chin thought the world of her children, her good friend from Penang, Helen Yap said.

Yap, a well-known music producer and composer, knew Ong from their days together in Pulau Tikus on the island.

“Li Chin would always sign off her name as well as her children’s names in Christmas cards,” she said.

Foreign wire reports stated that Ong hurried to try to stop her son from carrying out his death wish. She searched frantically for her son after he posted a 140-page document “My Twisted World – The Story of Elliot Rodger” on Friday.

In it, he had lamented about how women did not like him and wanted to take revenge on them. The 22-year-old also expressed frustration at still being a virgin.

Elliot Rodger in a picture taken from his Facebook page.

He later went out and stabbed three people to death before gunning down three others.

“We were all devastated upon learning about the tragedy. It came as a shock,” Yap added.

Yap also said Rodger would have been a hit with the girls had he grown up in Malaysia.

Although Ong and other schoolmates grew apart over the years, Yap said they had always felt a special attachment towards each other.

She added that they only found out through the media that Elliot had been seeing a therapist from the age of eight.

Another of Ong’s schoolmates, who did not want to be named, said that like most children, Rodger wanted to do things his way.

Ong Li Chin with Elliot’s sister Georgia.

She recalled that the boy had refused to take his shoes off when he was entering a house in Penang.

Rodger, who was born in England and grew up in United States, was not accustomed to the Malaysian culture of being barefoot in the house.

“That is all I remember about him when his mother brought him to Penang for a holiday when he was about 10 or 11,” she said. (According to his own document, Rodger was 13 when he visted Penang).

Ong, now 53, had brought her son and daughter to visit Penang many years ago.

She then posted in a Penang website about her visit to Penang with her children, Elliot and Georgia.

“After being all around the world, having lived in the UK and now in Los Angeles, working alongside famous Hollywood figures – I can truly say you guys over there in Pulau Tikus still have ... my fondest memories,” she wrote.

Contributed by Sira Habibu The Star/Asia News network

Related stories:

 Elliot Rodger and mom Ong Li Chin

Elliot recounts memories of Penang in last document

Ong raced against time trying to stop son from fatal mistake

Malaysia-China relations 马中友好; Feng Yi wants love, given the cold shoulder

40 years of diplomatic ties between China and Malaysia Video

Feng Yi given the cold shoulder

KUALA LUMPUR: Just three days in their new home, female panda Feng Yi is already showing signs that she wants to mate but her male partner Fu Wa is not up for it yet.

Panda Conservation Centre zoology and ve­terinary director Dr Mat Naim Ramli said Feng Yi had been continuously making mating calls and showing signs that she was ready.

“However, whether they mate or not depends on the male.

“Feng Yi wants to mate but Fu Wa has yet to show interest.

“The problem with Fu Wa is his libido. As Fu Wa was born in captivity, he has to learn how to breed.

“He needs more time and training for this,” he told reporters at the newly-built centre in Zoo Negara here yesterday.

Gentle giants: Fu Wa (left) and Feng Yi are said to be adapting well to their new home and have taken a liking to the Malaysian ‘buluh betung’.

Feng Yi wants love



The two giant pandas, housed in the zoo since Wednesday, are on loan to Malaysia for 10 years to mark the 40th anniversary of di­plomatic ties between Malaysia and China.

The pandas, both eight years of age, are being quarantined for a month before they are available for public viewing.

Dr Mat Naim said last year, Fu Wa was placed with females to observe his behaviour in the mating ritual.

“He did not know how to do it.

“He tried but there was no penetration,” he said.

Dr Mat Naim said a female panda was productive for 72 hours a year and this week was Feng Yi’s fertility period.

“If they do not mate this year, we will try again next year,” he said.

Dr Mat Naim said the pandas were adapting well to their new home and were each fed 30kg of bamboo daily.

“The pandas seem to have taken a liking to a type of Malaysian bamboo called buluh betung as they always finish it,” he said.

Zoo Negara’s deputy president Rosly Rahmat Ahmat Lana said the zoo received about 700,000 visitors a year and this number was expected to shoot to one million with the arrival of the pandas.

“To enter the panda centre, Malaysian adults will be charged RM20 while tickets for children are RM10 each,” he said.

Tickets for adult foreigners are RM30 while children are charged RM15 each.

At another event, Natural Resource and Environment Minister Datuk Seri G. Palanivel hit out at those who criticised the RM60mil cost borne by the Government in the panda deal.

“Many countries have pandas, even Singapore. The panda deal is the result of 40 years of strong bilateral relationship between Malaysia and China,” he said.

Contributed by Yuen Meikeng & Tashny Sukumaran The Star/Asia News Network

Related post:

Pandas arriving from China symbolling frienship and excitement in Malaysia

Sharing the care of such precious animals strengthens the bonds that China has with its ‘inner circle’ of countries. HERE are a few fun...

Pandas arriving from China symbolling frienship and excitement in Malaysia

Sharing the care of such precious animals strengthens the bonds that China has with its ‘inner circle’ of countries.

HERE are a few fun facts about giant pandas: While 99% of their diet is assorted bamboos, they occasionally feed on farm crops like corn stalks and wheat, wild fruits like kiwi and loquat, and herbs like Chinese angelica and ­celery.

According to the book 201 Questions about Giant Pandas, they are even known to eat charcoal and lick or bite metal-ware in the village, earning them the nickname of “iron-eating beast”.

Pandas may appear clumsy, but they can wade through water and swim.

Just like us, they fear injections and pills. The cuddly animals will actually try to escape whenever they see doctors in white robes entering their enclosures with injection needles.

In order to appear unsuspicious, vets have to don casual clothes or distract them with food.

Next week, the much-awaited giant pandas that will be loaned to Malaysia, Feng Yi and Fu Wa, are likely to arrive in Kuala Lumpur ahead of Prime Minister Datuk Seri Najib Tun Razak’s visit to China.

They are the latest pair to leave Sichuan in China, after Xing Hui and Hao Hao, which departed for Belgium’s Pairi Daiza zoo in February.

Malaysia will be the ninth country to receive the giant pandas from the China Conservation and Research Centre for the Giant Panda in Sichuan.

Other countries involved in this research-based exchange and co-operation include England, Austria, Thailand, Singapore, Australia, Japan and the United States.

Overall, 43 giant pandas live in 17 zoos across 12 countries.

It was said that Empress Wu Zetian executed the very first panda diplomacy by presenting two pandas to the Japan emperor in 685 AD.

Everywhere they go, the pandas become natural crowd-pullers, not just because of their rarity but also their irresistibly adorable ­behaviour.

The national treasures of China shoulder an important diplomatic mission when they embark on their overseas voyage.

On a larger scale, they are the symbol of friendship between China and the receiving country.

The loans are also often inter­preted as an exchange for trade and investment deals.

An Oxford University study in September last year pointed out that the panda loan is a “seal of approval” for important trade deals and intentions for a long and prosperous working relationship.

It said countries involved in the recent panda transactions were China’s close Asian neighbours, including Singapore, Malaysia and Thailand, which have signed free-trade agreements with China.

It noted that the Chinese government is now in the third phase of its panda diplomacy.

“Phase 1 during the Mao era (in the 1960s and 1970s) took the form of China gifting pandas to build strategic friendships.

“Phase 2 followed Deng Xiaoping’s rise to power in 1978 when gifts became gift loans involving a capitalist lease model based on financial transactions.

“In the emerging phase 3, panda loans are associated with nations supplying China with valuable resources and technology and symbolise China’s willingness to build ‘guanxi’ – namely, deep trade relationships characterised by trust, reciprocity, loyalty and longevity,” the study’s abstract read.

The study’s lead author Dr Kathleen Buckingham said sharing the care of such a precious animal strengthens the bonds that China has with its “inner circle” of countries.

“Countries that can successfully breed pandas will demonstrate their technological strength,” she said.

Meanwhile, the recipient countries are likely to benefit from the presence of the giant pandas in terms of revenue for the zoos.

Besides entrance tickets, various panda-themed memorabilia are selling like hot cakes.

The Guardian reported in May last year that the panda duo, Tian Tian (Sweetie) and Yang Guang (Sunshine), have helped boost Edinburgh Zoo’s income and visitor numbers to record levels.

It quoted the zoo’s charitable owners, Royal Zoological Society of Scotland, as saying that the zoo’s overall income increased by more than £5mil (RM27mil) to nearly £15mil (RM81mil) in 2012.

The number of visitors also shot up by 51% after the duo’s arrival in December 2011.

In 2011, the society reported a £1.2mil (RM6.5mil) deficit after ­taking out two bank loans to help cover its earlier losses, the report said. With the arrival of the giant pandas, its overall surplus was £2.4mil (RM13mil) last year.

The report added that the extra ticket and merchandising sales have “more than covered the heavy costs of keeping the pandas”.

Perhaps Zoo Negara would also be able to duplicate Edinburgh’s success and attract more local and ­foreign visitors to the establishment.

And zoo goers can hopefully learn more about protecting local wildlife as well.


Check-in China by Tho Xin Yi The Star/Asia News Network

The views expressed are entirely the writer’s own.


Excitement over pandas' arrival

China’s ambassador to Malaysia, Huang Huikang, confirmed the pandas would arrive next week and said Beijing’s gesture is aimed at fostering better relations with Malaysia.

The two pandas will be on loan to Malaysia for 10 years and will be given new names, names that depict Malaysian identity..

Pandas are not a new phenomenon in China’s diplomacy. They have been used as a diplomatic tool in the past.

China sent its first panda named Ping-Ping as a gift to the Soviet Union in 1957. Two years later another panda An-An was sent to Moscow. North Korea received five pandas from China between 1965 and 1980.

Following US President Richard Nixon’s historic visit to China in 1972, Beijing sent two pandas Ling-Ling and Hsing-Hsing as a gift to Washington.

Beijing also gave two pandas LiLi and Yan-Yan to France to mark President Georges Pompidou’s visit to China in 1973.

Malaysians highly appreciate China’s goodwill and cooperation that will further enhance ties between the two countries. 

Contributed by S. SUNDARESON Petaling Jaya

Transforming the company into a heavyweight, sharing his love

Tee (left) and Ooi chatting with Mazlin.

Transforming Daya into a heavyweight

Contributed by Tee Lin Say

YOU have to meet Daya Materials Bhd executive vice-chairman Datuk Mazlin Junid in person to understand why he appeals to people at large.

The first thing you notice is how witty and direct he is. So, no superficial talk on “how your day was” or whether “the coffee tastes okay”.

Mazlin tells you things as it is, so don’t ask if you aren’t prepared. That, however, is his charm. What you see is really what you get.

Physically, Mazlin is good looking. Despite the Prada loafers and 7 for all mankind jeans, there is an almost Neanderthal-like quality about him. In the band of brotherhood, Mazlin’s more of your Vin Diesel than an Orlando Bloom.

He has two great goals in life now. The first is a vision to transform Daya into a heavyweight. He’s aiming for the company to join the billion dollar club over the next three years. (For the nine months to Sept 30, 2013, Daya’s revenue jumped 110% to RM373mil in revenue and net profit increased 26.74% to RM18.9mil)

The other, is to look like his idol, Australian actor Hugh Jackman.

He loves the pain that comes with pushing himself to extremes. Dumb bells are his favourite toys. Why, he even celebrated his birthday in the gym with his gym mates.

“I am 52 now. I have done it all. The cars, the yacht, you name it. What turns me on now is winning contracts for Daya,” says Mazlin resolutely.

“At the end of the day, a company needs to deliver. We are very focused on creating value and growing the company over the long term. I have huge responsibility to my staff and the people who gave us contracts. We have to deliver based on my vision for the company, Daya is still undervalued, “says Mazlin.

“You must always take responsibility. It’s not about following your emotions. Whether it’s to your family, the people you work for, your client, or someone you dislike, take responsibility,” he says.

He adds that with Daya Offshore Construction Sdn Bhd (DOC) going out there to secure contracts from Norway, Daya is in fact going against the grain of typical Malaysian oil and gas companies.

When asked what Malaysia’s problems are, he responds: “If there is a hard truth Malaysian companies must learn, it is to stop the habit of political patronage,”

Not surprising, Daya has been one of Bursa Malaysia’s outperformers this year. On a year-to-date basis, the stock is up 116% to 41 sen as of Thursday.

While Daya started off in 1994 as a specialised polymer company, it has since expanded substantially into the oil and gas (O&G) business. Daya was initially more focused on the downstream O&G segment, where it was already established as a leader particularly in chemical services. It chugged along, growing organically until this year, which was clearly the inflection point for Daya.

This started with the formation of DOC last September, of which Mazlin appointed Mark Midgley CEO.

Almost immediately DOC began delivering results.

The arrival of vessels Siem Daya 1 and Siem Daya 2 literally created waves. DOC secured two major contracts in less than six months from Norwegian firm Technip Norge AS for charter and subsea contracts worth RM440mil and RM100mil-RM176mil respectively.

The latest research house to give its mark of approval to Daya’s efforts is RHB Research, which has a 48-sen target price. DOC is already contributing almost 50% to Daya’s topline.

“Suddenly Nathan (Daya’s MD Nathan Tham) was busy answering calls from some 40 fund managers. People wanted our shares and started saying Daya was the smallest O&G stock and with the most growth. I guess this is what happens when earnings have been growing organically over the last five years,” laughs Mazlin.

Sharing his love

Contributed by Xandria Ooi

FASCINATION is what I’m feeling when talking to Datuk Mazlin Junid, a man who doesn’t mince his words, yet laughs so often you know he doesn’t take himself seriously.

Work, however, is a different matter.

When you’re a business leader, he says, you don’t have to be liked. “If you want to be popular, you can’t get things done.”

We’re sitting in the quiet guest lounge of Daya Materials and Mazlin is extremely casual and candid. It feels like a chat, not an interview.

He explains to me how he doesn’t hesitate to fire people, even at the directorial level, because they either weren’t performing or did something that conflicted with the interests of the company.

“And he could be a friend,” he says matter-of-factly. “Friendship is secondary, the company always comes first. All that matters is our bottom line.”

I can’t let it go, not quite believing that a man as affable as he is, truly doesn’t care what his employees think of him. Don’t people who like and respect their bosses look forward to going to work and having the motivation to work harder?

“Well, I like them to like their jobs.”

Would you be okay if your successor in the future is a woman?

“Oh certainly, I’m not gender specific. I’d like to have more female board members but right now, there’s only a few. Malaysia’s industry has always been a bit chauvinistic with few women leaders, except maybe banking.”

He mentions Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz as a woman he feels is a brilliant leader, alongside Tan Sri Rafidah Aziz and Datuk Farah Khan.

“Women,” he says, “are more passionate. There are very few female business leaders who can be as cold-hearted as men. People like me, I’m very cold-hearted.”

In what way? “Well, when I take more than one wife, for example, I’m very cold-hearted about it.”

But that’s not business, I protest, laughing.

But since he brings up his wives, I assume I’ve just been given permission to delve into the topic of his rather large family, with four wives and now three, after a recent divorce.

People ask him, all the time, why he chose to have so many wives.

“And I tell them ... because I could. Although now, I wish I hadn’t.”

Why? I’m fascinated. This is, by far, one of the most interesting conversations I’ve had about relationships.

He makes a noise, somewhere between a grunt and a sigh. “The amount of stress and management! Obviously, all these things that happened, nothing was planned.”

I raise my eyebrows. What do you mean, nothing was planned? When you propose to a woman, isn’t it planned? I point out.

He counters that it wasn’t his lifelong ambition to get married multiple times. “Sometimes it was done on a spur of a moment”.

Are you the kind of man who gets swept away by love and that’s why you propose to women on impulse?

“That’s a good question,” he muses. “Somebody asked if I know what love means. Until today, I can’t figure it out – what love for a wife is all about. Responsibility, somehow, is stacked right at the top for me.

Running one household is hardly easy, but to run four (now three) at a time, takes some mighty management skills. Mazlin has it down to a workable, practical schedule that he says keeps everyone happy.

As he explains it, “Relationships are just like work. I use my work practices at home. There are tasks to be done and I implement the same regime for every household.”

I listen wide-eyed as he elaborates, describing how he sometimes repeats the same holiday three times with his different wives.

“No, my wives don’t mix,” he volunteers the information, knowing what I am about to ask just from the look on my face.

Surely there’s bound to be jealousy?

“They’re not jealous of each other, but they’re jealous of other women!” he declares and I am reminded of how he can now marry another.

“Somebody asked me if I’m on a fleet renewal programme,” he jokes. “But no, I have my hands full right now.”

Property gain tax won't hurt genuine buyers

Banning DIBS is the right move

FOR many years, the National House Buyers Association (HBA) has been urging the Government to take measures to stem the steep rise in property prices to avoid a “homeless generation” as current property prices are far beyond the reach of many low and middle-income families in urban and suburban areas.This is a ticking time bomb that will result in many social problems if left unchecked.


Real Property Gains Tax (RPGT)

The announcement of the revised rate of tax on gains made in the disposal of properties, namely, the Real Property Gains Tax (RPGT), formerly known as the Anti Speculation Act, under Budget 2014 is far more superior to what had been proposed under Budget 2013 (See table above)

This is because, typically, if the property is purchased directly from the developer, it takes two years (for landed properties) and three years (for strata properties) to be completed.

Hence, under the previous RPGT, speculators could purchase properties from property developers upon their launch and then flip these properties on completion (after two years) and having to pay 10% (i.e. within the 3rd to 5th year).

It is hoped that the revised RPGT rate will deter speculators and, at the same time, not punish genuine house buyers who buy for their own stay or long-term investment. It is worth noting that buyers of residential property could seek a once-in-a-lifetime exemption from the tax.

Budget 2014 is best described as an “excellent mathematical formula” to curb the unbridled escalation of house prices, which has in the last three years skyrocketed. The Government has taken a step in the right direction with measures to slow down the steep rise in property prices due to false demand caused by excessive speculation fuelled by easy housing loans and the previously low RPGT.


Foreign purchasers to pay more

HBA applauds the move to increase the minimum price of property that can be purchased by foreigners from RM500,000 to RM1mil. Foreigners must be prevented from “snapping up” property meant for the lower and middle income.

This artificially inflates prices and creates a domino effect which can result in higher property prices across the industry. This is especially true for development corridors such as Iskandar Malaysia which has seen foreign purchasers arriving in droves and scooping up properties with their advantageous exchange rate.


Banning the Developer Interest-Bearing Scheme (DIBS) 

DIBS is popular with speculators as they pay nothing to make a profit. Their initial down-payments and deposits are sometimes factored into the purchase price by the collusive developers, and some unethical financial institutions do not even require that the developer collect the deposit that has to be paid by the so-called purchaser.

This is one of the factors which induces “bogus” house buyers (which I have written about in this column on Aug 31 entitled: Of Speculators and bogus house buyers) who merely flip the property at the right time.

Kudos to Bank Negara for heeding our call and banning DIBS. It may be worth noting that Singapore banned DIBS in 2009.

Considering the deep pockets of property speculators, the effectiveness of these measures remain to be seen. However, they are expected to make speculation unworthwhile. HBA praises the Prime Minister for putting a stop to DIBS, which is one of the reasons attributed to the steep increase in property prices for three reasons:

1. DIBS encourages speculation as the house buyer does not need to “service” any interest/instalment during the construction stage. This will “lure” and tempt many house buyers to speculate and buy into DIBS projects hoping to flip on completion and make a quick profit with little or no capital upfront. Connivingly, the interest element is “serviced” by the participating developers.

2. DIBS artificially inflates prices as all interests borne by the developer are ultimately imputed into the property price. This in turn creates a domino effect which pulls up property prices in surrounding locations.

3. Bank and financial institution staff conniving with developers using the DIBS model should be investigated on their “modus operandi” in financing those artificially inflated prices (DIBS + sales price) and ignoring guidelines on prudent lending.

Banks and financial institutions are to be prudent and only provide mortgage financing up to the fair value/market value of the property. In this respect, a benchmark of fair value or market value is the current properties available. Somehow, properties sold under DIBS are always priced much higher; 15% to 20% higher compared with those without DIBS.

For standard condominiums costing RM500,000 without DIBS, should the developer market such properties under DIBS, the selling price could be as high as RM650,000. This creates a potential property bubble should the developer default in “servicing” the interest and the borrower/purchaser also defaults. The bank would only be able to recover up to RM500,000 if the said property is auctioned at market value.

In the event of an economic downturn, banks saddled with too much DIBS end-financing could collapse as the losses from such DIBS end-financing will erode the banks’ capital.

The collapse of just one bank/financial institution could cause a systemic collapse of the entire financial industry.

Bank Negara should take action against such bank and financial institution staff who have provided both project financing and end-financing to DIBS projects under the newly-minted Financial Services Act, 2013.

With the RPGT increase, banning of the DIBS and the Government’s aspiration to supply more ‘ownership housing schemes’ at affordable pricing, it is hoped that speculative demand for properties will stabilise to a more realistic level. I have heard that many businessmen do not do business anymore but indulge in property speculation as a livelihood and for income.

It is akin to the stock market dealings that were rampant during a ‘bull run’. Certain things have to be stopped before they become worse like the sub-prime crisis in the US.

If readers were to take a drive around completed projects, they will find signboards advertising units for sale upon the delivery of keys. If the purchaser is purchasing for his own occupation, why is there this need to put up these signboards or appoint estate agents to dispose of the units? It goes to show that some purchasers are merely speculators (not investors) from day one and the banks and financial institutions choose to “close one eye” despite knowing this.

Have the banks ever gone to the ground to check whether the units purchased and financed are actually “owner occupied”? If the property is “owner occupied”, the risk rating is lower and thus, he enjoys a lower interest rate. But if it is non-owner occupied, it should have higher interest rates. Borrowers of “owner occupied” properties are normally required to make a declaration to that effect to enjoy a lower interest rate.

But does the bank participate in this booking of credit risk?

If the property is non-owner occupied, the lending will fall under ‘real estate classification’ and not ‘housing’.

So, there may even be misreporting to Bank Negara and subsequent national statistics.

This column continues next week.

- Contributed by Chang Kim Loong

CHANG KIM LOONG is the honorary secretary-general of the National House Buyers Association (www.hba.org.my), a non-profit, non-governmental organisation (NGO) manned by volunteers. He is also an NGO Councillor at the Subang Jaya Municipality Council.

Related posts:
1. New tax rate on property to keep away flippers
2. Malaysia's high property taxes may not stop prices going up, sub-sales residential houses likely to soar!
3. Malaysia Tax Budget 2014 Updates

Texting dilutes relationships

In our fast-paced world, texting is taking the place of face-to-face social encounters and devaluing our relationships. - AFP Photo

When people communicate with gadgets, rather than face-to-face; we increase the quantity, but perhaps not the quality, of our interactions.

I DON’T want to say something that is so painfully apparent that I get labelled as Captain Obvious, or even worse, as Admiral Apparent; but technology is changing the way we live.

Thank you, Ensign Evident.

Specifically, the way we socially interact is changing, and I’m not talking about our friendships on your favourite social media network. A recent study in the United States showed that more and more people are using their phones not to actually talk to anyone but to text.

The ratio of texts to phone calls was 5-1. In fact, texting is becoming the preferred method to ask someone out. That should come as no surprise, as the alternatives of the awkward phone call, or worse – the sweaty, white-knuckled face-to-face ask-out – are just terrible options; so terrible that it’s a wonder humans could even reproduce prior to the text message.

About one third of those surveyed said that they prefer to ask the person they are interested in to meet in a group setting, rather than meeting for a one-on-one traditional date.

The rationale, besides the obviousness of it being less awkward, is that if they don’t click, they will waste less time, as opposed to several hours on a date.

Which makes it seem that people are like paperbacks which should be judged by their synopsis before one commits to spend time with that person.

But why is texting becoming the way that we socially interact? It seems like the refuge of the introvert, but it’s so widespread that it can’t just be introverts who are choosing this method of communication. Extroverts – those assertive bold individuals that crave and seem to thrive off human interaction – must also be texting, even if it seems to go against their nature.

Why is this? The advantage to texting, even if you’re an extrovert, is that you engage others on your own time and pace. The great thing about texts is you can take the time to get it right, whereas in a face-to-face encounter, the right words may only come at the end of the conversation.

Also, phone calls and speaking face-to-face have the problem where you actually have to listen to the other person, you know ... talk. Even that takes time.

In a text message, first off, most people won’t send you a life story via text. Secondly, if you see a message more than a sentence long, you can simply skim it, or not read it at all and fire back an emoticon.

Not sure what to say? Or didn’t even bother reading? Send that smiley with the grimace, it’s emotionally ambiguous.

If people were telling a happy story, this Swiss army knife of emoticons looks sufficiently pleasant that they’ll think you get it; if the story was tragic, it looks dissatisfied enough that they’ll think you empathise with them. Emoticons are the inauthentic, ineffectual, pre-packaged greeting cards of text messaging.

Does this mean texting is making us all into self-centered introverts? Yes it does.

There’s no other way around it. If texting takes the edge off asking people for dates and conversing, it also takes the edge off rejecting people.

It’s hard to say “no” to someone face-to-face, but over a text message, it’s easy. That’s why there’re so many confrontational people in online forums and message boards on the Internet.

How many people do you argue with in real life? And how many people do you argue with online? If you’re sucked into actually commenting on the Internet, you’ll probably end up arguing with everyone!

If texting makes it easier to interact because the weight of interaction is reduced, it also makes our relationships more fleeting. Take for instance an interaction I had the other night on Steam, a gaming platform. I logged on with a couple of friends to get some online gaming going on. One of them introduced me to a friend, and we added him to our party.

Now when I say introduced, I mean he typed “My friend wants to play”, and he then popped up on the messaging service and said, “Hi”. That was it. He was in.

One of my friends just disappeared – went AFK or “Away From Keyboard” – something that probably wouldn’t happen in real life. It’s not like we’d agree to play squash and then somebody just walked away without telling us, that would be rude. But online, it was accepted.

Then my other friend had trouble with his computer and had to reboot. I ended up playing with the friend of a friend, who I didn’t know at all, except that we’d said hello.

Now that is the great thing about the Internet and texting. We started playing and it was fine, communicating like we knew each other, polite laughter and all. Halfway through the game, I started having trouble with my connection, and thinking it might be a sign (to perhaps go off and write this article!), I exited the game without bothering to sign back in and give an explanation to my new “friend”.

I too had just walked out of the squash game with no explanation, because I knew it wouldn’t really bother the stranger I’d been playing with, and I’m sure it didn’t bother him.

Communicating via text is great, it’s easy, it puts things on our own terms. But maybe human relations were never meant to be that simple, and ultimately, relationships are reciprocal – we get out of them what we put in, and if all we put in are text messages ... then that’s really all we’ll get back.

Big Smile No Teeth by JASON GODFREY
Jason Godfrey can be seen hosting The LINK on Life Inspired (Astro B.yond Ch 728).

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The mind-set: how the rich get richer, the poor get poorer? You need more money ...

The rich may get richer while the poor may get poorer, but it doesn't have to be that way. It requires a change of mind-set.

I ONCE overheard someone lament that “the rich get richer and the poor get poorer”, which made me think if indeed that statement is true.

The rich do get richer only because they have sound financial concepts required to stay rich. They focus on their net worth, working on their appreciating rather than depreciating assets.

They know how much is required to keep their lifestyle. They don’t necessarily need to be debt-free because they know what good leveraging can do to enhance their wealth. They employ financial strategies which are contrarian to common ones - taking on investment opportunities when others would stay away and having the purpose driven portfolios.

They consciously inject capital into their portfolios rather than on an ad hoc or timing basis. They know the impact of inflation on their money and insurance coverage because they review their financial life regularly. Their financial data is maintained and accessible anytime they want.

The poor do get poorer only because they continue to adopt a poverty mind-set. They focus on their expenses too much either being overly frugal or overly spendthrift.

Frugality means overprotective of your money which prevents risk-taking while overspending means financial leakages and unnecessary bad debts.

Their financial life has no planning and they have never taken a conscious effort to straighten it out. Their finances are all lumped into a “pot” which is meant to be used for everything.

They do invest but usually due to either lack of knowledge or fear of losing their capital, the amount is too small to be financially significant. Their insurance coverage depletes as medical costs rise, unsure what and for how much they are insured for.

It really doesn’t have to be this way. There is a way to change your financial situation. The first step is to decide to be financially responsible yourself. Acquire the right financial knowledge and make that change. Find a financial buddy to help you get started.

- Financial Snacks by Joyce Chuah, CEO of Success Concepts Life Planners

So you need more money ... 

The problem always starts when you owe more than what you can earn, financial experts say.

When it comes to money, Adrienne Wong (not her real name) believes she is a reasonable spender.

An assistant communications manager, Wong, 31, earns about RM8,000 a month, but says her debts take up a sizeable chunk of her monthly income.

The two biggest items in her list, her housing and car loans, amount to about RM3,000.

“My credit card bills usually come up to another RM1,000 plus, so that’s more than half of my salary gone. With utility bills, that’s another RM600. The rest goes into savings, pocket money for my parents and a bit of shopping.

“With property and car prices as high as they are now, it’s no wonder our loan amounts are so big. But what choice do we have?” Wong asks.

Indeed, the rising rate of household debts is a pressing concern – as of March, this year, the Malaysian household debt ratio against the GDP reached an all-time high of 83%.

Last week, Bank Negara Malaysia (BNM) announced a three-prong approach to curb the rising trend of household debts:

> Maximum tenure of property financing is now fixed at 35 years;

> Maximum tenure of personal loans is fixed at 10 years;

> Prohibition on the offering of pre-approved personal financing products.

BNM Governor Tan Sri Dr Zeti Akhtar Aziz had said that Malaysia currently has the highest household debt to GDP for a developing country in the region. In comparison, Thailand’s household debt ratio stands at 30%, Indonesia at 15.8%, Hong Kong at 58%, Taiwan at 82%, Japan at 75% and Singapore at 67%.

Countries that have higher household debt to GDP are the United States at 91.7%, United Kingdom at 114%, Australia at 113%, New Zealand at 91%, and South Korea at 91%.

RAM Holdings Bhd group chief economist Dr Yeah Kim Leng says BNM’s move is a “prudent one”.

“A financial crisis can always be traced back to excessive borrowing or leveraging, and the problem is that we never know we are in a credit bubble until that bubble bursts.

“The higher this figure is, the more vulnerable the household sector will be to economic shocks, which can come in the form of an economic downturn,” he says.

The concern, he says, is when people owe more than what they can earn, which is not sustainable.

According to BNM figures, the three biggest contributors to Malaysian household debt are the housing, car and personal loans (refer to chart).

Personal loans can be used for a variety of reasons.

Teacher Siti Norsharmi Fateh Mohamad, 28, says she took a RM35,000 personal loan three years ago to fund her wedding.

“We wanted our wedding to be special, with everything done up nicely. It didn’t feel like much then, but now that we have more commitments (a daughter and a housing loan), it’s definitely an additional burden for us.

“On hindsight, we shouldn’t have taken the personal loan ... it wasn’t a necessity,” she says.

But personal loans are popular lately and there’s a reason for it.

“Banks aggressively push personal loans because it’s one of the most profitable products for them. Interest rates for personal loans can be anywhere from 3% to 12%,” says a former local bank manager who declined to be named.

Spending trends have also changed, says Dr Yeah.

“Previously, people only spend what they can afford, but practices have changed. Today, many people don’t mind spending money they don’t have.

“Taking a personal loan is not necessarily a bad thing, but it depends on why you’re doing it. Taking a personal loan for education, for example, is fine, because you’re improving your skills ... or for medical purposes to enhance one’s health. But to take a loan for conspicuous consumption, or to make speculative ‘investments’... I think that should be discouraged,” he says.

Credit Counselling and Debt Management Agency (AKPK) chief executive officer Koid Swee Lian agrees.

“It is quite common now for people to take personal loans prior to a festivity because they want to buy new furniture, change their curtains, do a bit of renovation.

“Consumers must be discerning and responsible in their borrowings, just as credit providers must be responsible in their lending. Earn before you spend, not spend then earn! Use the debit card and not the credit card if you cannot pay in full each month,” she says.

Before taking a loan, Koid says consumers should ask themselves:

> Do you really need the personal loan?

> Is it for a productive purpose or can you forgo it?

> Can you afford to pay the loan instalments? If the interest rate increases, can you still pay the increased loan instalments?

> If the loan is for a productive purpose, would you generate enough income to repay the loan and leave some income for yourself?

If taking up a personal loan is absolutely necessary, Koid advises potential borrowers to do their homework and compare the different bank rates.

“Go to bankinginfo.com.my where you can make a comparison of all the rates. Don’t take a loan just because it’s offered. Also, understand what you’re signing up for. Find out whether the bank is charging you a flat rate, a reducing rate or a floating rate,” she says.

Koid gives an example of a loan with these terms – a RM10,000 loan to be paid over five years at 4% interest rate per annum.

“A flat rate of 4% for a five years may not sound like a lot, but what it actually means is that you’re essentially paying 20% interest for the five-year loan. The amount of interest you pay doesn’t change regardless of how much you’ve repaid,” she says.

“Compare this to a reducing rate. If you’ve paid RM1,000, that means the interest should only be on the remaining RM9,000.”

Those who have trouble managing their cashflow can also seek help at AKPK or call its toll-free line at 1800-88-2575.

“People who have a debt problem often feel very embarrassed, but I think they need to be realistic. You’re in that situation, you have to solve it. Come to us, we will do our best to help you,” Koid says.

BY LISA GOH  lisagoh@thestar.com.my