Malaysia is seeking to avert a housing market crisis by luring foreign buyers to its rising stock of unsold homes, targeting wealthy mainland Chinese and Hong Kong residents with fast-track residency visas, reported the South China Morning Post (30 October 2019). According to property portal, Malaysia is the fifth most popular destination for buyers from mainland China. Buyers from the mainland bought Malaysian property worth US$2.3 billion in 2018. One reason is that the ringgit has depreciated 16 per cent against the US dollar since 2014."It's a bargain buying opportunity. Hong Kong buyers can save nearly US$20,000 on a US$250,000 home," said Georg Chmiel,'s executive chairman.