Hybrid property auction draws online and on-site bidders
Online bidders were seen aggressively sending in live bids to outbid competition on the auction floor at the Maybank Property Carnival and Property Hybrid Auction Fair. Organised by auction company Ng Chan Mau and Co Sdn Bhd in collaboration with Maybank, the hybrid auction attracted 120 on-site and online bidders, also known as e-bidders. Held at Hotel Maya Kuala Lumpur, about 180 residential and commercial properties nationwide were put up for auction during the bidding process. The hybrid auction system aimed to provide convenience to bidders by offering the option to bid on-site with bidding cards or through e-bidding. It was also meant to promote transparency during the bidding process. (The Star Online)

Country Heights founder wants company to issue its own cryptocurrency
Tan Sri Lee Kim Yew, the founder and chairman of Country Heights Holdings Bhd, wants the company to mint its own cryptocurrency. He will need the green light from shareholders to support the proposal at the company’s upcoming EGM in November. Country Heights said Lee’s proposed initial coin offering (ICO) will be called the Horse currency. The company said the “main and defining difference” of the Horse currency is that it will be Malaysia’s first asset-backed cyptocurrency (ABC). The purpose of this proposed ICO is to raise real cash for Country Heights. If approved, the Horse currency will mainly be used as a utility token, a reward token and royalty program with the businesses, products and services. It is also looking at allowing the Horse currency to be used as “legal tender” in purchasing and leasing the group’s properties. (The Star Online)

Selangor govt makes appeal to loosen loan requirement for Rumah Selangorku
The Selangor government is currently in talks with Bank Negara Malaysia (BNM) and commercial banks to loosen the requirements for loan approvals for first-time home buyers under the Rumah Selangorku affordable housing scheme, said Executive Councillor for Housing and Urban Living Haniza Mohamed Talha. Haniza said many people wishing to buy houses under the scheme could not get sufficient loans to finance the purchase, especially households earning less than RM5,000 monthly. “In this regard, the State Government has appealed to the Federal government that Bank Negara can differentiate between debt due to retail consumption such as credit cards, personal loans, education loans and vehicle loans aside from debt for home ownership,” she said. One way is for the government to provide collateral to the bank so that they feel safe to give out 100% loans. This will reduce the stock of unsold homes and increase the number of homeowners. (The Edge Markets)

IPCMC will finally be set up
Thirteen years after it was first mooted, Malaysia will finally establish the Independent Police Complaints and Misconduct Commission (IPCMC). Prime Minister Tun Dr Mahathir Mohamad said the IPCMC would replace the Enforcement Agency Integrity Commission (EAIC), and would act as an independent body to look into police complaints more holistically. Dr Mahathir said there were many complaints against the police force and the government wanted to ensure the police would “clean up” their act. The special cabinet committee on anti-corruption also decided that politicians would no longer be allowed to be appointed as heads of missions. The Special Cabinet Committee on Anti-Corruption meeting also came up with other decisions, including replacing the Public Complaints Bureau with Ombudsman Malaysia, headed by an individual “whose integrity is unimpeachable”. An ombudsman is a government official appointed to receive and investigate complaints of abuses by public officials. (The Star Online)

China’s CCCC still upbeat on ECRL project
China Communications Construction Co Ltd (CCCC), the contractor for the 688km East Coast Rail Link (ECRL), hopes the suspension of the project will not be prolonged. Its vice president Sun Ziyu said the company believed that the issues regarding the ECRL could be resolved amicably but the review should not take too long as it would cause more losses. “The value of the contract is high due to the long and complex alignment of the track via tunnels and bridges,” said Sun. For any country, infrastructure development is vital, and the people’s livelihood should be the main focus,” he added. CCCC had begun earthworks, excavating tunnels, building road foundation, procuring bridge construction equipment and materials, and hiring workers following approval by the previous government in 2016. In July 2018, Malaysia Rail Link Sdn Bhd (MRL) had notified CCCC to suspend work on the project on the grounds of national interest. (The Star Online)