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Friday, September 16, 2022

House prices down in 2Q, Penang residential market picking up pace

 


PETALING JAYA: House prices in Malaysia fell in the second quarter of 2022 (2Q22), marking the worst quarterly contraction since the start of the Covid-19 pandemic.

This occurred as new launches of residential units and sales performance for new launches softened in the first half of this year.

Based on the data by the National Property Information Centre (Napic), the Malaysian House Price Index (MHPI) in 2Q22 decreased by 1.2% compared with the 1Q.

The average house price for 2Q22 was RM439,084. In 1Q22, it was RM444,230.

Napic noted however the MHPI rose marginally by 0.5% on a year-on-year (y-o-y) basis in 2Q22, adding house prices continued “its low pace growth”.

For comparison, the index had increased by 2.4% y-o-y in the 1Q22.

Commenting on the domestic property market performance, Napic said it recorded a rebound in the first half of 2022 (1H22), a reflection of normalising economic activities as the country moved to endemicity.

More than 188,000 transactions worth RM84.4bil were recorded in 1H22, showing an increase of more than 30% in volume and value compared to the same period last year, as all property sectors recorded y-o-y growth.

“The residential property sector recorded 116,178 transactions worth RM45.62bil in the review period, increasing by 26.3% in volume and 32.2% in value y-o-y.

“The four major states namely Penang, Kuala Lumpur, Johor and Selangor formed about 47% of the total national residential volume.

“Commercial property segment recorded 15,169 transactions worth RM14.02bil, up by 45.4% in volume and 28.3% in value compared to the same period last year.

“Selangor contributed the highest volume and value to the national market share, with 26.5% in volume (4,025 transactions) and 33.5% in value (RM4.7bil),” Napic said in a statement yesterday.

Napic also reported that more than 10,000 units of newly launched residences were recorded in 1H22, down by 66.7% y-o-y. Against 2H21, the new launches were lower by 13.3%.

Terraced houses dominated the new launches, contributing 68.2% of the total units, according to Napic.

The sales performance for new launches in 1H22 was recorded at 20.3%, slightly lower compared with 20.6% in 1H21 and 28.1% in 2H21.

On property overhang, Napic said the situation had improved amid the market recovery.

“A total of 34,092 overhang units worth RM21.73bil was recorded, down by 7.5% and 4.6% in volume and value respectively against 2H21. Most of the overhang is in Johor with 6,040 units worth RM4.73bil.

“The serviced apartment sub-sector recorded 22,674 overhang units with a value of RM19.32bil, indicating a decrease of 6.7% and 5.6% in volume and value respectively against 2H21,” it said.

Napic said the property market is likely to “strive in the coming months”.

“With the positive projection on economic growth by Bank Negara, expected between 5.3% and 6.3% in 2022, supported by the implementation of various government initiatives and assistance, the property market performance is expected to be on track,” it said 

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Penang residential market picking up pace | The Star - TheStar

 https://www.thestar.com.my/business/business-news/2022/09/10/penang-residential-market-picking-up-pace

 https://cdn.thestar.com.my/Content/Images/Digital_penang_resident_ekpenang10.jpg

 

'OPR hike would not affect property market' | The Star

 https://www.thestar.com.my/business/business-news/2022/09/16/opr-hike-would-not-affect-property-market

 

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SCO Samarkand Summit will once again witness how barren the Western worldview is

 

Shanghai Cooperation Organization Photo: VCG


The Shanghai Cooperation Organisation (SCO) summit will be held in Samarkand, Uzbekistan, from Thursday to Friday. The summit has received particular attention from the international community. Fifteen heads of state, including Chinese President Xi Jinping, Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, will attend the summit. This is the first face-to-face discussion between leaders of the SCO member states since the COVID-19 pandemic in 2020. The meeting will include Iran as the ninth member of the SCO and issue the Samarkand Declaration to expound the SCO's position on a series of international issues.

As the world's largest and most populous regional organization, the SCO has a prominent feature: openness and inclusiveness. The second round of SCO expansion is one of the core agendas of the Samarkand Summit. As the current members, observers and dialogue partners of the SCO are all non-Western countries, some of which are being sanctioned by the US and the West, such as Russia, Iran and Belarus, the SCO has attracted some suspicions from American and Western public opinion. They describe the SCO's exploration of new multilateral cooperation mechanisms as wanting to "compete" with the West or "against the West."

The SCO summit, held in the context of the Russia-Ukraine conflict, was even described by some Western media as creating an "anti-Western front." If there is a Chinese proverb to comment on this, it is "ask not the sparrow how the eagle soars." They can only understand and speculate about the SCO's concepts with their own narrow cognition. The minds of American and Western elites are full of domineering and paranoid confrontational thinking. The target they wanted to suppress had better "socially die" in the global village and not have its own circle of friends. However, the controlling power of the US and the West cannot match their ambitions, and things that do not meet their wishes are constantly emerging, just like the SCO. In a certain sense, this is the inevitability of social evolution or the progress of the times.

The core concept of the SCO is the "Shanghai Spirit." It proposes a set of new concepts, new models, and new norms on how countries after the Cold War should live on an equal footing, how to conduct multilateral cooperation mechanisms, and how to develop the global order. In the 21 years since its establishment, the SCO, which has been "bad-mouthed" by the US and the West, has not broken up, but instead has shown vigorous vitality and attractiveness. Ten countries, including Saudi Arabia, the United Arab Emirates and Qatar, all hope to join the SCO. Differences in the political system, history, and culture of the SCO member states, and even territorial disputes and ideological differences have not become obstacles to the development of the SCO. It explored a path beyond the Cold War mentality in a world with increasing diversity and differences.

The SCO eyes for cooperation, and at the same time, it aims to express its voice and attitude to the world, representing one-quarter of the Earth's land area, nearly one-quarter of the global GDP, and one-third of the total population. For a long time, these countries have been overshadowed by the West. But it needs to be emphasized that the SCO does not target third parties, including the West. It is the inherent gene of the SCO. It will never become an organization against the West or any party at any time, just like the seeds of a big tree will never grow into thatch. Some people in the US and the West have always wanted to label the SCO as "Eastern NATO." Their narrow vision and barren imagination starkly contrast the SCO's breadth and richness.

If the West really has a sense of crisis, what it really needs to do is not to vilify the SCO, or even sow discord and dampen the enthusiasm of countries that want to participate in the organization. Instead, it should seriously reflect on what has gone wrong in its way of viewing the world. Washington often beats with a stick and offers a carrot, roping in other countries in all sorts of ways to form cliques. But many countries in the world are moving more and more away from it, while the SCO insists on the sovereign equality of states and non-exclusive multilateralism, and its circle of friends is getting bigger and bigger. The reason for this is that the SCO's "three no's principles" - no alliance, no confrontation, and no targeting any third party - have won the hearts of many countries. The more the US and the West engage in coercive diplomacy to force others to "take sides," the stronger the global community's demand for genuine multilateralism will be.

It is no coincidence that the SCO has evolved from a cooperative mechanism dedicated to combating the "three forces" to a vehicle today with four wheels of "politics, security, economy, and humanities." From the fight against terrorism, proposed by the SCO long before September 11 attacks, to the Global Development Initiative and Global Security Initiative being promoted right now, the vision, foresight, and correctness of the SCO have been repeatedly tested in the past and will be confirmed in the future. The SCO provides the world a huge room for imagination, and the Samarkand Summit will become a new milestone. 

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When global power shifts | The Star

 https://www.thestar.com.my/aseanplus/aseanplus-news/2022/09/16/when-global-power-shifts

US continually weaponizes human rights to coerce developing countries, meeting increasing resistance

 

Human Rights Council at the United Nations in Geneva Photo: VCG

 

Using human rights topics to attack developing countries, drawing small circles to smear countries with different systems, spreading groundless rumors or even starting wars under the disguise of anti-terrorism efforts … such moves have often been used by the US and some other Western counties.

With the start of the 51st regular session of the Human Rights Council on September 12, a number of US-led Western countries have ramped up efforts in pushing such "battle" against developing countries. The US and some Western forces' fierce hyping of topics about China's Xinjiang region is only the latest example of using human rights as a weapon to slander China and other developing countries. The Global Times reporters interviewed Chinese and overseas scholars on how developing countries could respond.

US attack strategy

Using human rights as a weapon has been a tradition of the US, and the release of the annual Country Reports on Human Rights Practices by the US Department of State has been criticized by analysts as a move to wield this stick.

For example, to cooperate with the slandering of China's policies in its Xinjiang region, the US Department of State not only listed China as a "Country of Particular Concern" in its 2020 Report on International Religious Freedom but also attacked China's religious policies in Xinjiang, Xizang and other regions.

Aside from China, 13 other countries, including Myanmar, Eritrea, Iran, North Korea, Pakistan, India and Russia, have also been listed as countries of "particular concern"; meanwhile, 15 countries, including Cuba, Nicaragua, Sudan, Egypt and Kazakhstan, have been listed as countries for "special observation."

The US-made reports on human rights have faced criticism from many countries, and analysts pointed out that these reports target developing countries while purposely neglecting problems such as racism in Western countries.

The listed dozens of countries of "particular concern" or under particular observation in the US report showcased that the US kept attacking countries that don't share its ideology, political system and religion. Instead of really taking care of the human rights situation in others countries, the US just wants to contain these countries by setting the agenda on human rights, He Zhipeng, a professor of international law at the School of Law with Jilin University, told the Global Times.

Coordinating nongovernmental organizations, the media, and think tanks to hype human rights topics is also among the tactics that the US and its Western allies have used, and in recent years, such tricks have also been updated, He said.

When starting a "human rights battle" against a country, NGOs have been used as the vanguard, and media and think tanks become amplifiers of the US government. And when organizing the siege of a certain country, the US would pull its allies into the campaign and expand the attack on wider platforms, He said, noting that one example is the US' "democracy summit."

In December 2021, US President Joe Biden held the Summit for Democracy but analysts said Washington just exposed the US' geopolitical purpose since it was a small clique and the US dares not invite many countries that have different political systems from its own.

The US' unilateral sanctions against other countries based on groundless accusations of human rights issues will also hurt the interests of the US and the West, He said.

For example, the US has banned imports from China's Xinjiang region by citing concerns over so-called forced labor issue. Transnational corporations and many US companies have expressed increasing concerns over such a move given its negative impact on the stability of global supply chains.

Aside from imposing pressure from the outside, the US and some Western forces also cultivate and incite pro-US forces inside the target countries, especially among the elites to discuss and hype topics related to human rights, challenge these countries' judicial systems and set NGOs to attack the local governments, said Zhang Yonghe, professor and executive dean of the Human Rights Institution of Southwest University of Political Science and Law in Chongqing.

People dance to celebrate the harvest of grapes in Alaer, Xinjiang Uygur Autonomous Region on September 9, 2022. Photo: VCG

People dance to celebrate the harvest of grapes in Alaer, Xinjiang Uygur Autonomous Region on September 9, 2022. Photo: VCG

Fighting together

Human rights topics are not only used by the US to attack "rival" countries, the US also uses them as bargaining chips to serve its foreign policy agenda, analysts said.

A source in the Philippines who is close to former president Rodrigo Duterte told the Global Times that the former leader used to say in private that he will never go to the US and one of the reasons is that the International Criminal Court, which is dominated by the US, authorized an investigation into "violations of human rights" in Duterte's war on drugs.

The US and the West have never stopped their criticism of Duterte's campaign against drugs. In 2016, the Millennium Challenge Corporation, a US government aid agency, said it "deferred a vote on the reselection of the Philippines" for development, "subject to a further review of concerns around rule of law and civil liberties." Duterte slammed the US criticism and said "don't reprimand me like I'm your boy," adding that if any country is against his policy, it should go to the UN and complain.

Attacking other countries on human rights issues has always been a weapon of the US in its foreign policy to stand on the moral high ground and coerce governments of developing countries. Despite the US criticism, people in the Philippines have widely supported Duterte's anti-drug moves and his approval rate reached 70 percent before he stepped down, according to Anna Malindog-Uy, an expert on international relations from the Philippines.

Malindog-Uy told the Global Times that topics on "human rights" and "corruption" are also the main tools that media under the influence of the US used to attack the incumbent Philippine President Ferdinand Romualdez Marcos Jr during the election campaign, but Marcos Jr still won. This also shows that US' attempts to hype human rights issues in the Philippines have had little traction among the people.

Moreover, in recent years, the international community has gained a clearer knowledge that the "human rights" clamored for by the US and the West do not fit the interests of most of other countries, said Malindog-Uy.

Moreover, to counter the hypocritical human rights moves of the US and the West, China and other developing countries should improve communications on human rights and put development, security and other factors into the criteria of human rights to form a comprehensive concept of human rights, said the experts.

Aside from Asian countries, experts in other regions of the world, especially in the Middle East have also expressed opposition to the US and the West politicalizing human rights issues.

The human rights "war" has become one of the main ways that the West uses to counter developing counties to maintain hegemony, Muhammad Basley, Tunisia's former ambassador to China, told the Global Times. "We should not be led by the US and the West, and should develop our own strategy and plans," said Basley.

Basley suggested developing countries and their media should fully expose the US' moves and take effective countermeasures.

Facing the US and Western forces' interference and coercion, more countries have worked together to oppose such attacks and try to expand the concept of human rights.

The past sessions of the Human Rights Council have witnessed China and more developing countries delivering joint statements to support each other on issues related to their core interests amid criticism from the US and the West. They also called for the Human Rights Council and the UN to uphold true multilateralism and resist hegemonic pressure from the US.

Zhang from the Southwest University of Political Science and Law said the international community should also call for a thorough investigation of crimes such as wars and invasions committed by the US and some Western countries.

Moreover, while wantonly accusing other countries, the US itself has severe problems such as racism and its government's failure in dealing with COVID-19. The UK, Canada, Australia and other Western countries also have serious stains on their human rights records. All these need to be exposed, said Zhang.

Developing countries can also actively participate in setting international rules and the agenda in the human rights field, as well as expanding communication based on mutual respect, said Zhang, noting that promoting international dialogues on human rights among developing countries can also help promote international human rights pursuit. 

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