Worries over systemic risks of shadow banking and mid-tier banks

Analysts have been warning on the risks of China’s “shadow banking” system – a sector estimated to have as much as RM4.15tril in assets. 

RAMADAN is always a good time for reflection.

This year, I’ve been researching a new TV documentary series, Ceritalah Indonesia, that I’m hoping to shoot by September.

I want to tell the story of how Indonesia, having endured the Asian Financial Crisis in 1997/1998, ousted President Suharto and then launched into the tumultuous “Reformasi Era” before finding some degree of stability under President Susilo Bambang Yudhoyono.

As a result, I’ve been going over recent history – including the roots of the crisis itself.

Now even though I’m not an economist, it’s been a very interesting journey, especially reading about the various bank failures that sparked off and then deepened the crisis.

Back then, banks seemed to be falling like dominoes: Thailand’s Finance One collapsed spectacularly.

This was followed only a few months later by Bank Indonesia’s surprise decision to close sixteen banks.

As the momentum gathered in intensity, one of Japan’s most important brokerage houses – Sanyo Securities was also shuttered.

Just over a decade later, a similar sequence of events was to take place in Europe and North America as Northern Rock, Iceland’s Landsbanki (better known by its British brand-name Icesave) and Lehman Brothers also failed, leaving in their wake a massive dislocation across the developed world.

Now, as I reflect on the events of 1998 and 2008, I can’t help but sense a similar trend emerging to our north – in China.

Indeed, the next global economic crisis could very well start there. Why?

Well, have you visited the many ghostly, almost totally-empty high-rise communities that have sprung up across the Middle Kingdom?

I can still recall wandering through vast and deserted business quarters in Dalian, Tianjin and Beijing.

At the time, everyone told me that China was different ... well that’s what they said about Thailand, Iceland and Spain.

But now after years of over-building: roads, bridges and railway lines, expanding capacity to the highest degree, people are beginning to question China’s growth model.

For many months now, analysts have been warning on the risks of China’s “shadow banking” system – a sector which some estimate to have as much as US$1.3tril (RM4.15tril) in assets.

“Shadow banking”– is simply non-bank lending and borrowing. Investing in hedge funds, venture capital and private equity are all forms of “shadow banking”.

There’s nothing wrong with this: shadow banking often helps individuals or businesses that would otherwise not qualify for conventional bank loans or get credit.

Also, some shadow banking wealth management products offer lucrative returns.

Shadow banking thrived in China with the liquidity that flooded the market in 2008, when its government pumped in a US$586bil (RM1,828bil) stimulus package in response to the subprime crisis.

All this excess liquidity has, however, causing a housing bubble and also saved a number of underperforming Chinese state-owned enterprises from having to reform.

At the same time, Chinese policymakers were debating long-standing calls for them to cool down their economy – a fateful decision as we will see later.

As the astute Henny Sender wrote in the Financial Times on July 11, the investment products which form the backbone of Chinese “shadow banking” have the potential to create yet another subprime crisis.

Why? Well, many of China’s hedge funds are shorting the shares of China’s weaker banks. Does that sound familiar?

According to Sender: “… second-tier banks listed in Hong Kong or in mainland China, including China Merchants, China Minsheng Banking and tiny Huaxia, are vulnerable” as they “… have less ability to absorb losses and more of their balance sheets are tied up with shadow-like activities.”

Minsheng, founded in 1996, is China’s ninth-largest bank by assets and the only private bank amongst its top 10 commercial lenders.

It also, according to JP Morgan, has the fastest growth in inter-bank assets and the highest weighting of interbank liabilities to total interest bearing liabilities.

As mentioned, China’s government was initially determined to “cool” its economy.

The People’s Bank of China (PBOC) hence refused to intervene when the Shanghai interbank offered rate (“Shibor”, China’s LIBOR) spiked to an all-time high, to almost 14% from 3% previously.

This led to fears that the sudden “credit crunch” would leave banks like Minsheng at risk of default, the very thing that caused the collapse of Western banks like Lehman in 2008 due to a sudden lack of liquidity.

Indeed, in late June worried investors sent Minsheng’s shares down by 16.7%, wiping out US$6bil (RM18.7bil) of its market value.

Talk of a crisis forced the PBOC to promise to end the credit crunch.

Still, worries over China’s shadow banking system persist.

As Fitch Ratings has stressed, systemic risk over China’s mid-tier banks is rising due to their credit exposure and weakness in absorbing losses.

It remains to be seen whether banks like Minsheng will indeed become China’s Lehman.

But this much is clear: those who ignore history are doomed to repeat it.

Ceritalah  By KARIM RASLAN

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Property investments: good Infrastructure a way to huge profits and success

Buy property with good connectivity, investors advised - The road to huge profits
 

Packed room: Lee giving his talk on ‘Infrastructure goes a long way when picking the best property’ during The Star Property Fair 2013 at G Hotel, Penang. http://www.zeon.com.my/index.html

PROPERTY investors should look out for the connectivity of road infrastructure when it comes to securing ideal property, said Zeon Properties chief executive officer Leon Lee in Penang.

He said infrastructure such as transportation hubs and bridges were vital elements that ensured property prices in their surrounding areas would soar.

Citing an example, Lee said the completion of a bridge connecting Shenzhen, China, and the New Territories of Hong Kong, had seen property prices in the surrounding areas escalating by about 155% over a period of 10 years.

He singled out another example in the form of the Malaysia-Singapore second link connecting Tanjung Kupang, Johor and Tuas in Singapore.

“In 2002, the property price in New Territories of Hong Kong was about HKD$29,522 (RM12,154) per sq m.

“It shot up to HKD$75,416 (RM31,049) in 2013, which took only about 10 years.

“My logic is simple, just watch out for those infrastructure. If there is connectivity or the distance between one place and another is shortened, property prices in that area will surely shoot up,” he told the participants during his talk titled ‘Infrastructure Goes a Long Way When Picking the Best Property’ at G Hotel on Saturday.

On a local perspective, Lee said the prices of property in Batu Maung had increased significantly as the second Penang bridge is scheduled to open to traffic soon.

“In 2007, a terrace house in Batu Maung was worth about RM700,000. But now, a similar unit is priced at RM1.4mil. This is evident to my point earlier,” he said.

He added that Penangites should take notice of the recent announcement by the state government, including the 6.5km undersea tunnel project linking Gurney Drive and Bagan Ajam.

The projects also comprise a 4.6km bypass linking Air Itam to Tun Dr Lim Chong Eu Expressway, 12km Tanjung Bungah-Teluk Bahang paired road and a 4.2km stretch between Gurney Drive and Tun Dr Lim Chong Eu Expressway, bypassing the city centre.

“Chances are high that property prices will boom in the surrounding areas,” Lee said.

The talk was sponsored by Hong Leong Bank.

 Penang Property Fair a huge success

Upwards: Potential buyers looking at the MRCB project during the final day of the Property Fair at Gurney Plaza in Penang.

GEORGE TOWN: The Star Property Fair 2013 concluded with Penang and Kuala Lumpur-based developers locking in some RM227.6mil from the sales of residential and commercial properties showcased in G Hotel and Gurney Plaza.

Seven of the property development companies exclusively marketed by Zeon Properties Sdn Bhd generated RM136mil in sales over the past four days from Thursday.

Masmeyer Holdings Sdn Bhd generated RM50mil in sales from some 50 units of its Marinox condominium in Tanjung Tokong.

Zeon chief executive officer Leon Lee said Singapore-based UOA Group and Magna Putih respectively sold about RM25mil and RM20mil worth of property in Kuala Lumpur and Penang.

“UOA sold about 25 units of its Scenaria@North Kiara Hills condominium project in Mont Kiara while Magna Putih sold 20 units of its Mansion One serviced suites in Jalan Sultan Ahmad Shah, Penang.

“Other developers such as Mayland Universal Sdn Bhd (RM15mil), Mammoth Empire Holdings Sdn Bhd (RM10mil), Malaysian Resources Corp Bhd (RM15mil), and Venn Properties Sdn Bhd (RM6mil) registered RM46mil in sales,” he said.

Lee said the achievement was higher than anticipated in view of the increasing difficulty for buyers to obtain bank financing nowadays, adding that partial payments were received for the sales.

“Among the projects that attracted much attention and enquiries included Venn Signature, a gated terraced project by Venn Properties in Jalan Raja Uda, Butterworth.

“Penang investors were also attracted to the Scenaria@North Kiara Hills by UOA Group, as the units are priced competitively,” he said.

UEM Sunrise Berhad, SP Setia Bhd, Bukit Kiara Properties Sdn Bhd, TPPT Sdn Bhd, and Lone Pine Group achieved RM68.6mil in sales during the event which ended yesterday.

SP Setia sales and marketing manager Susie Loh said they secured RM18.6mil in sales despite many people not being able to make up their mind on the spot.

 

Visitors having a look at a property model at the SP Setia Berhad Group booth during the fair in Gurney Plaza

“But we are hopeful of converting a large number office reservations into sales. Many wanted to check out our project sites before signing.”

UEM sales and marketing senior manager Shamsul Bahari Aini said they managed to hit RM20mil.

“We sold about 15 units and this is one of our best results in The Star Property Fair.

“In fact, I believe we can even surpass our target as there are at least five buyers who looked really interested in our projects,” he said.

BHL Waterfront Sdn Bhd and Bandar Utama Development Sdn Bhd secured RM20mil and RM3mil in sales respectively.

The Star advertising sales and business development manager (north) Simone Liong said about 40,000 people visited the fair.

The official event partner is Zeon Properties and Hong Leong Bank is the sponsor.

By DAVID TAN and TAN SIN CHOW newsdesk@thestar.com.my/Asia News Network

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Malaysia's public universities: study hard and be let down again: top scorer, no offer; low point for high achievers!

It’s a perennial problem – more top scorers than places at public universities for medicine, dentistry and pharmacy. The cheapest route to these degrees is fraught with uncertainties and heartache.

IT costs the government about RM70,000 a year to train a medical student at a public university. That works out to RM350,000 for a five-year course.

But a student who gains a place at one of the dozen public institutions offering medicine forks out less than RM20,000 in total tuition fees; the rest is subsidised by the Government.

Does it not then make sense for any brilliant student whose family cannot afford the RM350,000 to RM1mil for a private or foreign degree to spend two years doing Form Six and sitting for the STPM?

Everyone knows that the STPM or Malaysian Higher School Certificate is seriously tough, more difficult to excel in than the internally examined Matriculation offered mainly at matriculation colleges where 90% of the students are bumiputra.

That is why every student who slogs away and scores the maximum CGPA of 4.0 feels “cheated” of the cheapest route to a medical degree when they fail to secure a place at a public university.

This applies to other critical courses like dentistry, pharmacy and certain branches of engineering too. When even those with a CGPA (Cumulative Grade Point Average) of 4.0 don’t make the grade for medicine, they will be “dumbed down” to take up their second and third choices of the critical courses; and in the process, raise the cut-off point for these courses.

The spillover effect will be felt by those with lower CGPA scores who had hedged their bets by applying for dentistry and pharmacy.

This translates to more applicants crying foul because they didn’t get their course of choice despite having almost perfect scores.

There is also a perceived lack of transparency in the information made available for “strategic” application on the part of STPM students.

For one, while STPM results are made public, matriculation results are not. (Last year, there were 83,000 Form Six and 26,000 matriculation students.)

As an STPM candidate, you don’t know where you stand against the others competing for the limited places. In 2004, for example, when “Medic blues” (same issue of top scorers not getting into medicine) made headlines, there were 527 STPM students with CGPA 4.0 but more than double (1,247) with the same grade via matriculation.

For STPM students who may take up to five subjects, their CGPA scores are calculated based on the best four subjects, including General Studies.

The results of students from both “streams” are merged into a master list for allocation of places in universities.

Perfect score students failing to get their preferred course – this year, some were offered nothing – is a perennial problem.

But it is more acute in a year when the STPM yields better results while the number of places remain static. A total of 442 who sat the exam last year scored 4.0 compared with 300 the year before.

Last week, Higher Education Department director-general Prof Datuk Dr Morshidi Sirat said in a statement that 41,573 of STPM, matriculation and Asasi (Centre for Foundation Studies) students were successful in gaining admission to 20 public institutions of higher learning.

According to UPU, the coordinating body for intake into public universities, on its Facebook page, there are more than 2,500 (including the 442 from STPM) applicants with a CGPA of 4.0, most of whom applied for competitive courses like medicine, dentistry and pharmacy.

But the number of places allocated for the three courses in all public universities is just 1,078 or less than half the number of perfect top scorers! Imagine the competition, what more for the 699 medical places. It’s 699, 119 and 260 respectively.

If this is an annual predicament, can’t more places be opened up at public and private institutions?

In terms of physical infrastructure, it is possible, although the intake is strictly guided by criteria set by the Malaysian Medical Council. Student-lecturer ratio must match the facilities provided.

But the problem lies in academic staffing and the limited places for clinical training at teaching hospitals.

If public universities are bursting at the seams, the same may not be the case at private universities.

If the Government subsidises a student’s tuition fees at a private university like it does in public universities, more places can definitely be made available.

What the country needs is “good financial modelling”, says Taylor’s University vice-chancellor and president Prof Datuk Dr Hassan Said.

Private institutions too would like to have top scorers enrolled in their medical courses and raise the competition among their students, making it a win-win situation.

Should supply meet demand?

That is a question the Health Ministry has to grapple with. Are there more students who want to be doctors than the country needs?

Currently, doctor-patient ratio in Malaysia is 1:800. We are expected to achieve the 1:600 ratio recommended by the World Health Organisation (WHO) by 2015.

With the 3,500 doctors (via public and private institutions) that the country is producing annually, the Health Ministry expects to hit doctor patient ratio of 1:400 by 2020, which will exceed WHO’s recommendation.

Doctor wannabes should bear in mind that getting a job may not be as easy in future although the country still lacks specialists.

For medicine, scoring 4.0 may be the main hurdle but it is only the first hurdle. Participation in co-curricular activities also contributes 10% to the total points for entry into public universities.

Universities today want some say on who should join their most competitive course and put candidates through aptitude tests and interviews.

While there are calls for universities to do away with the “subjective” interviews, those in the medical faculties feel strongly that this is the most effective way to gain a snapshot of a candidate. Does he really want to be a doctor or is there parental pressure?

In private institutions like Monash University Sunway campus, an applicant has to go through four “mini” interviews – 10 minutes each with four interviewers separately.

Its head of the Jeffrey Cheah School of Medicines and Health Sciences Prof Datuk Dr Anuar Zaini Md Zain shares that the interviews are designed to be as objective and reliable as possible.

He says they are looking for the ability to communicate, empathise, work in a team, and have real expectations of the job.

“You need to be able to communicate and listen or you won’t be able to know your patient’s problem. In fact, the biggest complaint against doctors is that they don’t talk and can’t communicate.

“English proficiency is really important as teaching is mainly in that language, whether in clinical years or post-graduate training anywhere in the world,” says the former medical dean of Universiti Malaya.

Basically, interviews are not designed to fail an applicant but to help weed out the wrong candidates and reduce the attrition rate among medical students.

While it is costly for universities to conduct interviews for every applicant, it will be even costlier for them – and society in the long run – to train the wrong person. 

Common Sen-se By Leanne Go
> Twelve years ago, I wrote a comment on the problem of top STPM scorers not getting their course of choice and titled it “Study hard, come out on top and be let down”. Looks like little has changed. Feedback is welcome at leanne@thestar.com.m

 Top scorers appeal cases after not being offered any courses

KUALA LUMPUR: They are among the brightest students in the country and yet were deemed not good enough for local public universities.

Eight students who scored cumulative grade point average of 4.0 were not offered any courses at the public universities despite successfully submitting their forms to enter the universities.

They are among the 108 appeal cases that MCA has received from students who sat for the STPM and matriculation programme since the issue was highlighted last week. Of the total, 55 have 4.0 CGPA.

MCA education bureau chairman Datuk Dr Wee Ka Siong said he could not accept the Education Ministry’s excuse that technical error was among the reasons why many top scorers either failed to obtain places at public universities or did not get courses of their choice.

“They obtained 4.0 CGPA. Don’t tell me they do not know how to fill a form.

“I cannot accept this silly explanation. It is grossly unfair to the students,” he said after meeting 22 students and their families at Wisma MCA yesterday.

Dejected lot: MCA education bureau chairman Datuk Dr Wee Ka Siong looking at the top scorers’ results. — AZLINA ABDULLAH / The Star

His remarks at the press conference were greeted by applause from those present.

Further substantiating his point over the issue of technical error, Dr Wee pointed out that 16 of the 22 students were called for an interview with Universiti Sains Malay­sia.

“If it was a technical error, how could USM call them for an interview?” he asked.

He said the party would seek the help of Prime Minister Datuk Seri Najib Tun Razak and Education Minister Tan Sri Muhyiddin Yassin to resolve the issue.

Najib, in a tweet, said he knew some were disappointed at not getting places in universities.

“But don’t give up. (I) will discuss at Cabinet this week how best to help these students,” he said.

MIC national youth council member G. Kalaicelvan said the MIC received many complaints of top Indian students not getting courses of their choice.

“Most want to do medicine and their STPM results meet the requirement but somehow they do not get a place in the public universities,” said Kalaicelvan.

He said many Indian students end up disappointed after the STPM results are out every year.
“It’s a never-ending problem,” he said.

- The Star/Asia News Network

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Kuala Lumpur property market gains stronger Momentum

SINGAPORE, July 18 (Bernama) -- The Malaysian property market has gained stronger momentum after the May general election, which saw a turn-around in the investment market in the second quarter of the year, says DTZ Research.

In a research note titled, "Property Times Kuala Lumpur Q2 2013 - Greater Market Certainties After The Election", it said the turn around in the second quarter was driven by corporate purchases for occupational requirement despite concerns about overall oversupply in the market.

It said the overall office market was stable.

Both vacancy and rental rates remained unchanged with continued substantial supply in the pipeline.

The research house also said the anticipated oversupply sentiment did not appear to affect the market as activities remained resilient and active, supported by stable rental and capital values.

Retail sales remained buoyant with continued local and international interest for investments in the sector.

It said the high-end residential market resumed activities with several new launches during the quarter despite Bank Negara contemplating measures to curb speculation and lending.

"Now that the GE13 is over, companies are starting to proceed with major investments, which may have been temporarily held back by political uncertainties.

"We can expect stronger momentum in government-linked mega projects such as the Tun Razak Exchange (TRX) where third-party investors and developers have been invited to participate, DTZ Research added.

The total value of 12 deals recorded in the second quarter amounted to RM988.6 million compared with RM490.8 million, comprising three deals in the first quarter, mostly in the office sector.

-- BERNAMA

Give top students scholarships !

 Let top scorers study in private institutions, Malaysian govt urged

PETALING JAYA: Top scorers who fail to get into popular courses in public universities should be offered places in private institutions on scholarships provided by the Government, said MCA president Datuk Seri Dr Chua Soi Lek.

Dr Chua said MCA understood that there had been a high demand for popular courses such as medicine and pharmacy, and that the public universities would not be able to accept all the top scorers due to limited places.

“In such cases, the deserving students should be offered places in private universities via scholarships provided by the Government.

“Since the Government has stopped awarding scholarships to SPM graduates unless they are accepted into reputable universities, it now has the means to provide these to students who obtained a cumulative grade point average (CGPA) of 4.0 in their STPM examination,” he said in a statement here yesterday.

“Each deserving student must be assured of a place in university and they should not be turned away unless they do not have the required entry points,” he added.

Dr Chua was commenting on the hundreds of students - including 55 with perfect CGPA of 4.0 - who had not gained places to study medicine and other courses of their choice in public universities.

He also urged the Government to admit all top scorers with a 4.0 CGPA into public universities without further delay as they had rightly obtained the perfect cumulative grade point average.

This was in line with the country’s agenda of grooming local talent to cater to its development and vision to become a high-income nation by 2020, he pointed out.

“MCA stands firm that the Government should provide tertiary education to all students based on meritocracy. I would like to remind students with CGPA of 4.0 that they could also opt for other courses of their choice and not merely popular ones like medicine and pharmacy,” he said.

Dr Chua said that he had also conveyed this issue and the students’ grievances to the Prime Minister and the Deputy Prime Minister for further action.

Meanwhile, another 33 STPM top scorers, who met with problems in their applications to enter public universities, have also asked MCA for help after the party highlighted some 108 appeal cases on Tues-day.

Its Youth chief Datuk Dr Wee Ka Siong said that they were the latest batch, adding that he expected more to come.

Pointing out that most of the 88 top scorers had opted to study medicine, dentistry, pharmacy and engineering, he said he would “analyse on case by case basis and see how to help them.”

To date, Dr Wee said 14 of the ca­ses did not get any offers, 12 were given courses which were way off from their choices while the rest did not get what they wanted.

He said that there was also a very small number with what he des­cribed as an “unreasonable re­­quest”, such as wanting to do medicine in Universiti Malaya despite being offered places in Universiti Kebang­saan Malaysia.

By FOONG PEK YEE and EILEEN NG
newsdesk@thestar.com.my

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Top Malaysian Chinese students rejected by public universities

KUALA LUMPUR: Chai Yee Lin had always wanted to be a doctor since she was young.

She studied hard and was over the moon when she found out she had obtained a perfect 4.0 cumulative grade point average (CGPA) in her STPM examination.

The excited teenager from Puchong, Selangor, immediately applied for medicine, dentistry, pharmacy and bio-medical courses with Universiti Malaya, Universiti Sains Malaysia, Universiti Kebang­saan Malaysia and Universiti Putra Malaysia.

But her excitement turned to sadness when she was offered a course in veterinary science at Universiti Ma­­laysia Kelantan.

“Yes, I did state veterinary science as one of the secondary courses in the admission form, but I was confident that with my good results, I could get medicine or dentistry,” she said.

Chai said what hurt her most was when her friend who obtained a CGPA of 3.92 was offered dentistry in USM.

Her mother, housewife Tham Ah Yeing, said her daughter studied hard as she wanted to support the family.

“She was very sad when she found out she was offered only veterinary science. She could not accept it,” she said.

Choong Yong Sheng was one of the 4.0 scorers who was not offered any place at public universities.

“I was very happy after receiving my STPM results, and I had high hopes of gaining a place to study medicine at one of our local universities.

“I didn’t expect to be left out and given nothing,” said Choong.

The 20-year-old from Penang added that he only applied to study medicine at public universities offering the programme, and would not accept any course that was not among his options.

Matriculation student Deveshini Uthandi, 20, who scored a CGPA of 3.96 was devastated when she learnt that she did not make it to the list of successful applicants to the IPTAs.

“I had wanted to make my family proud by being the first in the family to enter a public university.

“I always wanted to be a doctor and because it is not cheap to study medicine privately, I worked very very hard to do well in my studies,’’ she said.

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Life is not meant to be lived alone

Aunty is not just talking about any Tom, Dick or Harry. It’s husband material she’s looking for!
  - Life is not meant to be lived alone. No matter how many friends and relatives you have, there is nothing like someone to grow old with.

MY daughter just changed jobs. I called her at the end of her first day to enquire how it went. She started telling me about how pleased she was with her new office and her immediate supervisor.

I couldn’t contain myself and interrupted her: “Okay good, but are there any nice guys around?”

That stopped her in mid-sentence and after a moment of silence, she sighed and said, “Oh Mum, give it up, will you?”

Yes, I was more concerned about my daughter’s dating prospects than her job prospects.

Why am I worried? Because she’s 25, single and not dating. As my friend intoned: “If they don’t meet the right guy in college or university, it will be very hard for them to do so later on.”

This may be true once but it is now debatable since women overwhelmingly make up the number of undergraduates in our public universities.

So London mayor Boris Johnson couldn’t be more wrong when he said Malaysian women were entering university in droves because “they have got to find men to marry”.

He made the quip upon hearing Prime Minister Datuk Seri Najib Tun Razak say women make up 68% of the latest public university intake at the launch of the World Islamic Economic Forum.

And that is really the biggest obstacle to the dating-mating game – this changed power structure between men and women.

As I have said before, thanks to education, job opportunities and contraceptives, women have the means to shape and control their own destiny.

They are on the rise and taking over in many fields. I attended a meeting recently at a top local bank to discuss a project and in the room were representatives from the bank, the advertising agency, a TV station and my own media company – all women except for one chap who didn’t say a word throughout the meeting. I never found out who he is and what he was doing at the meeting.

That meeting wasn’t the only one I have attended that was dominated by women; it happens all the time.

Women are so high-achieving at a relatively young age – VPs or senior managers before they are 35 – that they are leaving the guys in the dust, both in the career and marriage stakes.

A dear friend who is very pretty, has a great personality and just turned 40 is a top manager in her company. She is single and, over coffee, she agreed that dating in the 21st century is complicated for this very reason.

Because she is able to more than provide for herself, she isn’t willing to settle for just any guy. And she doesn’t think it’s worth the effort.

And really, where have all the men gone? They can’t all be chefs or mobile phone salesmen and repairmen, can they?

According to a 2011 report, globally, attitudes to sex and marriage have changed under the pressures of wealth and modernisation.

In Western society, it has led to divorce and illegitimacy; in Asia “later marriage, less marriage and (to some extent) more divorce”.

The Economist goes on to say that in Japan, Taiwan, South Korea and Hong Kong, women were marrying later (at 29-30 years old) and more and more are simply not marrying at all. In 2010, it was found that one-third of Japanese women in their 30s were single.

Not only that: 37% of all women in Taiwan aged 30-34 were single, as were 21% of 35 to 39-year-olds.

“If women are unmarried entering their 40s, they will almost certainly neither marry nor have a child,” said the report.

It went to say that the “Asian avoidance of marriage is new, and striking” because 30 years ago, just 2% of women were single in most Asian countries. Now it’s closer to 25% among women in their 30s.

Basically, Asian women are quite content to stay single because they don’t see a lot of benefits in getting hitched. They seem to take quite well to the celibate life too. At least that’s what the Economist says.

And it shows no sign of levelling off, according to Prof Gavin W. Jones of the National University of Singapore. In an April 2013 report, he says this East Asian trend in singlehood has accelerated in Japan and South Korea over the past decade, leaving the governments “nonplussed” as to how to reverse it.

In Malaysia, the situation may not be so dire but I am anxious for my daughters (my other daughter is 22 and not dating either) who, I think, are just not trying hard enough. They would rather chill at home than party or go clubbing.

I thoroughly irritate them with my attempts at match-making but I persist. After much prodding and telling them they were getting fat and unhealthy, they both joined a gym. It hasn’t helped in getting them dates though. Maybe most of the guys who love working out are not into girls.

Why do I persist? It’s not because I have no faith in my girls to take care of themselves; they are well educated and already hold decent jobs.

It’s because I believe life is not meant to be lived alone. No matter how many friends and relatives you have, there is nothing like having someone to grow old with and to be there for you no matter what.

True, marriage may not be for everyone and it doesn’t always work out. But I want my kids to have a shot at it. Like the wife of the protagonist in the movie, Shall We Dance?, says: We need a witness to our lives. There are a billion people on the planet ... I mean, what does any one life really mean? But in a marriage ... You’re saying ‘Your life will not go unnoticed because I will notice it. Your life will not go un-witnessed because I will be your witness.’”

Where have all the young men gone? 

SO AUNTY , SO WHAT? BY JUNE H.L.WON

> The writer confesses she would be a much better witness to her own spouse if she didn’t spend so much time at work. Feedback to junewong@thestar.com.my or tweet #JuneHLWong