STRONG PUSH FACTOR FOR PROPERTY MARKET

 

Country’s higher economic growth a feel-good element that is spilling over to the sector

“Inflation levels are benign at about 2% and with the ringgit appreciating against currencies such as the Singapore and Australian dollar, it indicates increased confidence.” Datuk Ho Hon Sang

KUALA LUMPUR: The property market appears to have several strong push factors going for it in the bigger picture, although developers are by and large still cautious despite any broader positivity.

The Real Estate and Housing Developers’ Association of Malaysia’s (Rehda) Property Industry Survey reveals the market is stabilising, amid continued concerns on rising costs on key core cost components such as building materials.

Survey respondents said there was more than a 10% annual increase in the average price for sand, which is used mainly in infrastructure projects, glass and concrete; while costs for steel appear to have declined or tapered off as at June 30.

Unsold units are featured as among the key highlights in the results of this survey whereby half of its respondents reported having unsold completed residential units.

A third of these unsold completed residential units were more than three years old, while about half of them were less than a year old.

A majority or 46% of the survey’s respondents reported that their unsold completed units were priced at RM500,000 and below.

According to survey respondents, the main reasons for this situation were end-financing loan rejection, low demand or interest and bumiputra lots.

The survey, which was done for the first half of 2024 also includes forecasts based on the survey on the market outlook for the second half of this year and the first half of 2025.

It collated responses from 162 out of over 1,500 Rehda members.

According to Rehda president Datuk Ho Hon Sang, the survey only includes a small number of respondents among its larger count of members and does not reflect all launched projects or sales made within the period under review although it can indicate the sentiment on the ground.

“The higher than estimate economic growth thus far gives the country a feel-good factor which spills over to the property market as well.

“Inflation levels are benign at about 2% and with the ringgit appreciating against currencies such as the Singapore and Australian dollar, it indicates increased confidence.

“There are also huge infrastructure projects that are being announced such as the West Coast Expressway which will open up more economic areas,” Ho said at a media briefing yesterday.

“An example is data centres. From 2021 to 2023, there were more than RM76bil of investments into this area, which attracts the established multinational companies.

“This has a very feel-good factor for the property market – as data centres are not just a one-time capital expenditure but provides opportunities during the operations and maintenance period.

“For example, Microsoft has committed to training up to 200,000 talents to maintain DCs,” he added.

Apart from that, there is the stable government and the coming Urban Redevelopment Act that will be focused on the Kuala Lumpur area which will further spur economic activities.

“All these have a part to play in transforming and influencing the sentiment of the people,” said Ho.

Increased demand may also come from increased foreign participation in the property market, although Ho indicated the price threshold is different in the various states and may be too high in some to spur any meaningful foreign buying.

Commenting on the unsold residential units, Ho noted a third of unsold completed bumiputra lots have aged more than three years, which is an issue that the industry needs to address eventually.

“Developers are still treading carefully when it comes to their business operations, despite the improving industry conditions in terms of launches and sales,” he said.

Ho added that this is expected, given the increase in prices for some building materials, which have hit smaller developers harder than larger property development companies.

Rehda also notes that more environmental, social and governance-friendly construction practices such as pre-cast and industrial building systems will increase costs for smaller developers, although it would help to reduce costs for bigger developments.

“For pre-cast panels, the production is centralised and for developments such as high-rises which feature a standard design, it can help to reduce costs on higher volumes with a standard mould.

“For terrace houses with standardised designs, it would be okay but for customised designs it would be difficult for the pre-cast suppliers to do.

“So most developers would still prefer the conventional building style (traditional construction methods) for landed properties.

“But the bigger developers are proceeding with using pre-cast panels even for their landed developments,” Rehda’s deputy-president Datuk Zaini Yusoff told StarBiz.

Zaini said bigger developers usually have their own in house pre-cast manufacturing capabilities.

Commenting on this new construction technology, Ho said it can increase costs for some developers by up to 10% to 15% based on feedback from Rehda’s members.

“This includes transportation costs from the pre-cast plant to the construction site as these costs (diesel) have gone up now and the deployment of skilled labour, since one cannot use normal manual labour to put these together.

“These causes the cost increase,” Ho said.

The survey also indicated that for the next 12 months, respondents look forward to higher optimism for the first half of 2025 compared with the second half of this year.

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Property market and affordability

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Gen Z highly recommends culture connotation behind ‘Black Myth: Wukong’ to overseas (Z世代向海外大力推薦《黑神話：悟空》背後的文化內涵孫悟空西遊記大戰妖怪)

西游记Journey To the West

A woman takes a photo of a screen showing Black Myth: Wukong at an electronics market in Shanghai on August 20, 2024. Photo: VCG

One day before China's 3A game Black Myth: Wukong was released, Chinese content creator "Gray" wrote a post on Reddit, introducing the classic Chinese novel Journey to the West, the game's main source of inspiration. With a compelling description in well-written English, the post garnered 70,000 views within 15 hours, even though the official release had not yet taken place at that time.

"My English proficiency is decent, and I hope to contribute my modest efforts to break down some cultural barriers, allowing more international players to experience our Chinese culture through this game," Gray told the Global Times.

Days after Black Myth: Wukong was released and gained global popularity, game enthusiast Ye Yi excitedly commented on various YouTube videos after completing the game. She briefly introduces Journey to the West in her not-so-fluent language, and enthusiastically shares the gorgeous Chinese elements behind this trending game.

"My English is very bad, but I really want to recommend the game and related Chinese culture to more people overseas," Ye said to the Global Times. "I just feel so proud."

Gray and Ye are among an increasing number of young Chinese voluntarily promoting Black Myth: Wukong on international social media platforms, while also introducing and explaining the profound traditional Chinese culture behind the game.

With the growing popularity of the game among global players, many young people, especially those in the West, are for the first time getting closer to and marveling at ancient Chinese mythological classics, historical sites, and folk music through the game. Seeing a growing number of overseas posts requesting more in-depth explanations of these elements, many Chinese game and traditional culture lovers actively share and spread these Chinese treasures to the world with pride.

Enthusiasts spontaneously promoting games like Black Myth: Wukong overseas, are a manifestation of growing confidence in Chinese culture, said senior game producer Mei Bo, who is also the founder of a company that offers venture capital and strategic consulting services for gaming startups.

"With the continued emergence of successful cases including Black Myth: Wukong, more investment and resources will focus on the Chinese gaming industry," Mei told the Global Times. "That not only drives the development of China's gaming sector, but also allows traditional Chinese culture to reach the world through this new, modern medium."、

Gray explains the post he wrote to introduce Journey to the West. (Photo: Courtesy of Gray)

'It helps a lot'

So far, Gray's post introducing Journey to the West has had more than 700,000 views on Reddit. In the 700-word post, he briefly explained the book's background, main plot, major characters, and the connection between the book and the game.

Gray decided to write the post after he saw some comments on overseas platforms complaining that Black Myth: Wukong is not very friendly to non-Chinese players. He used the example of a review from a large gaming website, which critiqued that the story in the game assumes its players have knowledge of Journey to the West, and it is tough to follow without it. 

"There were also many players who said they were quite interested in the game, but were afraid they would be unable to fully experience the wonder of the content, because of their lack of understanding of Chinese culture," Gray recalled. "The game's localization is actually not bad, but the cultural barriers do exist, making it difficult for international players to understand the deeper cultural connotations behind its story and characters."

Gray, a 27-year-old doctor of pharmacy, has been working as a content creator in video games in English for years, sharing English expressions of game terms and related background information with Chinese netizens. With rich experience in cross-cultural communication in the gaming industry, he knows how to introduce Journey to the West to overseas audiences in a more easily acceptable way.

"The novel is a mix of myth, folklore, and religious elements, and it has had a profound impact on Chinese culture and literature," wrote Gray in his post. He added that the story follows the journey of a monk Master Xuanzang from the Tang Dynasty (618-907), who is tasked with traveling to present-day India to retrieve sacred Buddhist scriptures.

In the post, he explained the names of the book's main characters in three ways: Chinese characters, pinyin, and literal or current mainstream translations of the names. 

"Thank you for explaining everything, it helps a lot! I really look forward to playing Black Myth: Wukong," one user wrote. "Danke ('Thank you' in German), what an opportunity, our thoughts are traveling east, to bring this cornucopia to the west," wrote another. "Indeed, (it's) 'the journey to the East' for us westerners."

Within weeks, Black Myth: Wukong has become one of the most popular games around the world this summer. It took the top spot on the Steam Deck Top Played chart between August 5 and September 3, according to data from Game Rant. The game has been a common topic among numerous YouTube and TikTok vloggers in recent days, particularly gaming content creators.

Young participants join the "Traveling in Shanxi with Black Myth: Wukong"cultural tour, which was launched in Taiyuan, the capital of Shanxi, on August 22 Photo: IC

'Precious thing is ours'
In the second chapter of the game, a headless Buddha named "Lingji" performing Shanbei storytelling, a form of folk song art from Northwest China's Shaanxi Province, has gone viral online with a unique vocal style and rhythmic music. Many gaming vloggers have praised it, using it as their ringtone, and even attempting to cover the song.

But soon after, some overseas content creators started to mention the British Museum when discussing this folk song. They believed that "Bodhisattva Lingji" is headless because many Buddha relics in China were looted by foreign invaders more a century ago, and are now housed in the British Museum. 

A few Chinese players first linked the fictional narrative in the game to real-world issues, and spread that on overseas social media. Later, more and more international players joined in, calling for the British Museum to return the "looted" global cultural relics, including those from China.

It's worth noting that "Bodhisattva Lingji" is actually a fictional character in Journey to the West; no reliable historical documents or archaeological findings prove that he existed in reality, reported the Xinhua News Agency. And the game's producer, Chinese company Game Science, has not responded to questions about the metaphor. However, this incident resonated with many Chinese players, who started to feel that games could help international players to know more about China's historical and cultural treasures, including their highlights and probable tragic stories.

The shortage of understanding about Chinese culture has also led to many misunderstandings. Gray mentioned that many overseas vloggers wrongly said the character Sun Wukong in the game is based on "Son Goku" from Japanese manga Dragon Ball. They didn't know that Dragon Ball was actually inspired by China's Journey to the West.

"I saw some Indians say Wukong is from their country, and I was very angry about that," she told the Global Times. Under that post, Ye, along with other Chinese users, replied that Sun Wukong is originally from the 2,000-year-old The Classic of Mountains and Seas, a foundation of the traditional Chinese mythology system.

Ye represents numerous ordinary Gen Z Chinese players who have a deep love for the traditional culture of their motherland, and are now bursting forth with unprecedented cultural confidence and enthusiasm with the global popularity of Black Myth: Wukong. They can't wait to tell the world that "this precious thing is ours."

"I feel so proud," said Ye. "French history, Norse mythology, the Wars of the Roses... It is not an exaggeration to say, I knew these foreign histories and cultures all through video games. Now, it's our turn to export our Chinese culture in such a new form."

"The trend of Chinese games going global has become increasingly prominent. With the continuous maturation and development of the domestic gaming industry, more and more high-quality games are making their way to the global market," Mei said.

"Meanwhile, the enhancement of cultural confidence enables Chinese game developers to actively add more traditional cultural elements into their works," he added. "They start to find that, these elements not only attract Chinese players, but also spark strong interest overseas."

Buddha statues inside the Xiao Xi Tian Temple, a historical site from the Ming Dynasty (1368-1644), in Xixian county, North China's Shanxi Province Photo: Li Hao/GT

Complement each other

Black Myth: Wukong is not the first Chinese game to make an impact overseas. Before it, games such as Genshin Impact by miHoYo, Naraka: Bladepoint by NetEase, Whiteout Survival by Century Games, and PUBG Mobile by Tencent, also attracted overseas players.

Genshin Impact, for instance, aroused the curiosity and interest of Western players with its rich Chinese elements. Gray recalled that there was a female character performing Peking Opera in this game, "and many of my international friends asked, 'what is she doing?' - they did not know about such a traditional Chinese opera style," he said. "This performance was quite fresh to many people overseas, and they were naturally attracted and wanted to learn more about it."

Chinese games and their players complement each other, said Mei. Good games attract domestic players to voluntarily share information in gaming communities, and their spontaneous recommendations improve the games' reputation and help promote its overseas spread. "Like Genshin Impact, its success in Western markets is largely due to its active player communities and the word-of-mouth effect," he said.

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 Some Western media politicize every Chinese achievement, even 'Black Myth: Wukong'

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Big demand for childcare

 

Sim Daycare, Jalan Sungai Dua, 11700 Penang

SIM Sungai Dua

 

Contact Person: Ms. Lim. Phone Number: 04-659 2998 / 017-216 2998. Address: 746, Jalan Sungai Dua, 11700 Gelugor, Penang.

Exercising caution: Enrolling children in registered childcare centres reduces the risk of negligence or abuse. — CHAN BOON KAI/The Star

BUKIT MERTAJAM: Kindergartens and nursery centres have continued to thrive in Penang – despite the hassle of getting the necessary licence to operate.

An operator of a kindergarten near Alma here, who wanted to be known only as Joo, went through the whole rigmarole to set up an adjacent childcare centre, which is expected to be up and running in a couple of months, almost a year after the process began.

After spending RM200,000 to convert a house into the intended childcare centre, there was red tape to contend with, she said.

“The whole process included engaging an architect to draw up the plan as well as submissions for various permits from the Seberang Perai City Council (MBSP), Fire and Rescue Department, Education Department and Social Welfare Department, which all have their own sets of rules.“The application to MBSP itself took about 100 days to complete,” she added.

Then, all her staff were required to undergo a mandatory three-month Permata Childcare Course. It cost her about RM1,000 for each staff member.

“In total, I spent between RM400,000 and RM500,000 to set up this centre. It would have cost me less if not for the delay in getting the licence,” she said in an interview yesterday.

Joo’s kindergarten has been running for the past 15 years, providing preschool education to some 60 children.

“Operating the childcare centre legally is for the long term and I don’t want to worry about it being shut down by the authorities.

“Parents, too, will be more confident about entrusting us with their children,” she said.

Joo said everything at the centre would be above board and adhere to regulations.

Another operator, who preferred not to be named, said it took her almost 10 years to get a licence to operate a kindergarten here.“When I took over the kindergarten from the previous owner in 2006, I did not know it did not have a permit to operate.

“I then halted operations and filed an application to the relevant authorities. I only managed to get the permit in 2016,” she said.Under the Penang Care Centre Registration Guidelines enforced since 2021, the council allows for a maximum of seven kindergartens, nurseries or childcare centres within a 400m radius on the island while nine of them (three each) are allowed within a 250m radius on the mainland.

It was reported that 63 nurseries, 34 childcare centres (taska) and 100 kindergartens were still operating illegally in Penang.State social development, welfare and non-Islamic religious affairs committee chairman Lim Siew Khim said although Penang had made various efforts to legalise them since 2017, including fee waivers and discount rates to encourage operators to submit their applications, many persisted in operating without a licence.

She said the Social Welfare Department had since issued a notice to limit enrolment of children until the centre could get mandatory certifications from the relevant agencies.

However, out of concern for the wellbeing of the children and their parents, the state still hoped that these unlicensed operators would be spared from being fined or closed down, Lim added.

Last Sunday, the Women, Family and Community Development Ministry advised parents and guardians to ensure their children were enrolled in taska registered with the Social Welfare Department to prevent incidents of negligence, abandonment or abuse.It said these childcare centres were regularly monitored and inspected by the department.

It also said the registration of childcare centres includes a requirement that each caregiver holds a Certificate in Permata Care Course, as well as proactive measures to protect children from potential harm in these facilities.

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More centres needed

The Government aims to have a workforce comprising at least 59% of women by 2020. To do that, we must have more registered childcare centres to cater to these women’s children, Women, Family and Community Development Minister Datuk Seri Rohani Abdul Karim said. On Aug 14, Sunday Star reported that Malaysia is far from its target of having 13,200 registered childcare centres by 2020. Currently, there are not enough centres to cater to 3.2 million children under the age of four whose parents are in need of these services.

Some US politicians push new wave of anti-China McCarthyism with lies

Ex-CIA director Pompeo: 'We lied, we cheated, we stole'

US Secretary of State Mike Pompeo: "I was the CIA director. We lied, we cheated, we stole. We had entire training courses. It reminds you of the glory of the American experiment." - Pompeo said this at an event at Texas A&M University on April 15, 2019. Here is the official State Department transcript: https://www.state.gov/secretary/remar..

Illustration: Chen Xia/GT

When the heads of CIA and MI6 appeared together publicly for the first time in their 77-year intelligence-sharing partnership over the weekend, they warned of an "unprecedented array of threats." Surprise, surprise, China is included. Immediately following that, reports indicate that the US House may vote this week on more than two dozen China-related bills aimed at addressing the alleged national and economic security threats posed by Beijing. The "masters of deception" are once again orchestrating and fueling a new wave of anti-China McCarthyism. 

On Saturday local time, CIA Director Bill Burns and MI6 Chief Richard Moore made an unprecedented joint public appearance at the Financial Times Weekend Festival in London. They stressed that the global order is under threat, and after discussing some regional conflicts, they expressed a continued need to focus their attention on China. On the same day, they also published a jointly authored commentary article, articulating that for both the CIA and MI6, "the rise of China is the principal intelligence and geopolitical challenge of the 21st century."

The CIA and MI6, known for being among the world's largest sources of misinformation and disinformation, clearly will not stop fabricating lies to stir up tensions. The reason is simple: If the world were peaceful and stable, they would be among the first to face job losses. They would lose their grip on a fractured international landscape and miss out on the profits they make from ongoing chaos.

"I was the CIA director. We lied, we cheated, we stole ... We had entire training courses. It reminds you of the glory of the American experiment." This is a line from a speech by former US secretary of state Mike Pompeo in 2019. The intelligence agencies of the US and its allies have long been the hidden hands behind American hegemony, orchestrating wars, coups, and fabricating lies to further their objectives. Now, with China's rise, these agencies have turned their attention to hyping up the "China threat."

How has China's rise become a threat? Even the US cannot provide a credible example to support this claim. The truth is that China is focusing on addressing pressing global challenges, from pursuing green transformation to mediating the ongoing conflicts between Russia and Ukraine and that in the Middle East, which are being prolonged and exacerbated by Western interventions.

China has consistently stressed that both China and the US can achieve mutual prosperity and peaceful coexistence. However, this idea seems almost inconceivable within the toxic political environment in the US. 

Some American politicians are gearing up to pursue "decoupling" to the fullest extent. Take the US House, for example. It is set to kick start "China week" with fast-track approval of a slew of China-related bills, beginning on Monday, "to be aggressive in confronting the threat that China poses." 

The bills include The End Chinese Dominance of Electric Vehicles Act; a ban to stop China from purchasing US farmland; DHS Restrictions on Confucius Institutes and Chinese Entities of Concern Act. The series of bills are largely rooted in unfounded accusations and baseless fears. In US politics, truth has become irrelevant, and lies have become the norm. Much of US political focus on China is based on falsehoods. 

What US lawmakers should be focusing on are domestic issues and approaches for advancing economic development. Hyping disinformation, such as the "China threat," won't fix US' own issues or reinforce American hegemony. Promoting a rational and pragmatic China policy is the option that best serves US long-term interests. A mutually beneficial outcome can only be realized through dialogue and cooperation, rather than confrontation and hostility.

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Pope Francis, power rivalry and the global order

Thematic image. On Sept. 3, Pope Francis will arrive in Jakarta for his two-week apostolic visit to Indonesia, Papua New Guinea, Timor-Leste, and Singapore. The Pontiff is also expected to promote justice and humanity in the shaping of the global order. PHOTO: UNSPLASH

 Pope Francis has condemned the exploitation of less developed countries, as well as the lack of international solidarity and uneven development in the current world order.

YOGYAKARTA – On Sept. 3, Pope Francis will arrive in Jakarta for his two-week apostolic visit to Indonesia, Papua New Guinea, Timor-Leste and Singapore. As the leader of the largest Christian denomination, Francis will meet and encourage faithful Catholics and engage in interfaith dialogues.

The Pontiff, who is also Vatican head of state and a global figure with moral authority, is also expected to promote justice and humanity in the shaping of the global order.

John Ikenberry of Princeton University wrote in International Affairs (2024) about three groupings in the global order: the Global West, the Global East and the Global South. The Global West is led by the United States and European countries, and the Global East by China and Russia. The Global South is non-western developing countries, including Indonesia, India, Brazil and others.

Ikenberry asserts that the emergence of these groupings is premised on the partial decline of American unipolarity and the ascendancy of China as a potential rival. The Global West and the Global East are creatively shaping the global order by promoting their rather divergent agendas.

While the Global West is keen on advancing liberal democracy, rules-based relations and American hegemony, the Global East is resisting the Western agenda by promoting equal sovereignty, the uniqueness of each country’s political system and development as the main human rights.

The two groupings are competing to extend their political clout in the Global South. The rivalry is fierce since both seek dominance and are interested in shaping the world order that best serves their national interests.

It is undeniable that the current order contains some serious defects and needs to be reformed as evidenced by the handling of the COVID-19 pandemic, climate change and North-South gap issues. As a new emerging power, China’s development success is not only inspiring for numerous developing countries, but it is also an asset to advance its decision-making power in international affairs.

For this purpose, China has put considerable effort into shaping a global order that suits its interests. In 2017, President Xi Jinping before the United Nations General Assembly proposed the new paradigm of a community of shared future for mankind (CSFM). The concept of CSFM demonstrates China’s discontent with the current order and its desire to shape a world order that may accommodate its growing interests.

China’s proposal is meant to reform (if not alter) the current order firstly by identifying some underlying problems such as the US hegemon, the Cold War mentality and the zero-sum attitude. In contrast, China promotes multilateralism, international development and win-win solutions. In a nutshell, China proposes the world as a global community where the US is no longer a hegemon, and all states enjoy equal sovereignty.

Unsurprisingly, China’s proposal has attracted many Global South countries who crave a larger share of the modernization cake.

Pope Francis shares China’s discontent of the current world order. The Pontiff condemns the exploitation of less developed countries, the lack of international solidarity and uneven development.

In a statement during his 2015 Bolivia visit–which sounded like an echo of a neo-Marxist scholar named Immanuel Wallerstein–Francis said that poor countries should not be reduced to being providers of raw material and cheap labor for developed countries. The Pontiff urged world leaders to adopt coordinated measures to pursue peace and development that is “global and shared by all nations in every part of the world” as stated in his message to the head of the 2024 World Economic Forum.

He added that achieving common good is an objective that is beyond the reach of individual states. Therefore, he urged intergovernmental structures and international organizations to ensure the basic rights of all to participate in the development process.

Furthermore, in his Encyclical Letter Laudato si’, Francis not only called on everyone to take care of Mother Earth, but he also stated that human activities have contributed to environmental degradation.

In the realm of politics, Francis has appealed for an end to the production of weapons. He said the “insatiable greed” has fueled decades of continuing violence in underdeveloped countries. In June 2024 he called on Group of Seven (G7) leaders to ban the use of autonomous weapons.

Unlike China, Francis does not attribute certain countries’ attitudes to global injustice. In line with American theologian and political thinker Reinhold Niebuhr, Pope Francis attributes global issues to human sin. In his 2015 speech before the UN General Assembly, he identifies “selfish and boundless thirst for power and material prosperity” as the root of the exclusion and marginalization of the weak.

However, in contrast to Niebuhr, Francis maintains his optimism that humans are capable of doing the right thing. Humanity includes all people, regardless of their background. As per papal tradition, he addresses his exhortation to build a better world to “all men and women of good will”.

In a nutshell, Pope Francis is an important figure who is shaping the world order. He has criticized the current order that does not accommodate the marginalized and perpetuates the gap of core-periphery states. Nevertheless, he has not put the blame solely on the Global West or called for an alternative order promoted by the Global East.

Francis believes that a humane global order is rooted in good moral character. Human sin is indeed the cause of global problems, but it does not have the final say.

Francis has confidence in humanity and a just global order that will be built through the cooperation of those of good will.

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