Restructuring our household debt


NEW Year always come with new resolutions. Finance is an important aspect of most people’s checklists when it comes to planning new goals.

While it is good to set new financial targets, it is also vital to re-look at our debt portfolio to ascertain if it is at a healthy state.

At a national level, our country also has its financial targets matched against its debt portfolio.

According to the latest Risk Developments and Assessment of Financial Stability 2016 Report by Bank Negara, the country’s household debt was at RM1.086 trillion or 88.4% of gross domestic product (GDP) as at end 2016.

Residential housing loan accounted for 50.3% (RM546.3bil) of total household debts, motor vehicles at 14.6%, personal financing at 14.9%, non-residential loan was 7.4%, securities at 5.7%, followed by credit cards at 3.5% and other items at 3.6%.

Evidently, residential housing loan is the highest among all types of household debt. However, a McKinsey Global Institute Report on “Debt and (Not Much) Deleveraging” in 2015 highlighted that in advanced countries, mortgage or housing loan comprises 74% of total household debt on average.

As a country that aspires to be a developed nation, a housing loan ratio of 50.3% to total household debt would be considered low, compared to 74% for the advanced countries. In other words, we are spending too much on items that depreciate in value immediately – such as car loans, credit card loans and personal loans – compared to assets that appreciate in value in the long run, such as houses.

Advanced economies, which are usually consumer nations, have only 26% debts on non-housing loan as compared to ours at 49.7%.

In order to adopt the household debt ratio of advanced economies, our housing loan of RM546.3bil should be at 74% of total household debt. This means that if we were to keep our housing loan of RM546.3bil constant, our total household debt should be reduced from the current RM1.086 trillion to a more manageable RM738bil. This would require other non-housing loans (car loans, credit card loans and personal loans etc) to reduce from 49.7% of total household debt to only 26%. To achieve this ratio, the non-housing loan debt must collapse from the current RM539.7bil to only RM192bil.

Reducing total household debt from the current RM1.086 trillion to a more manageable RM738bil would also have the added benefit of reducing our total household debt-to-GDP ratio from the high 88.4% to only 60%, making us one of the top countries globally for financial health.

Malaysia’s household debt at present ranked as one of the highest in Asia. Based on the same 2015 McKinsey Report, our household debt-to-income ratio was 146% in 2014 (the ratio of other developing countries was about 42%) compared to the average of 110% in advanced economies.

Adjusting the debt ratio by reducing car loans, personal loans and credit card loans will make our nation stay financially healthy.

Car values depreciate at about 10% to 20% per year based on insurance calculations, accounting standards and actual market prices. Assets financed by personal and credit card loans typically depreciate immediately and aggressively.

The easy access to credit cards and personal loan facilities tend to encourage people to spend excessively, especially when there is no maximum credit limit imposed on credit cards for those earning more than RM36,000 per year.

If we maximised the credit limit given without considering our financial ability, we will need a long time to repay due to the high interest rates, which ranged from 15% to 18% per annum.

Based on a report in The Star recently, Malaysia’s youth are seeing a worrying trend with those aged between 25 and 44 forming the biggest group classified as bankrupt.

The top four reasons for bankruptcy were car loans (26.63%), personal loans (25.48%), housing loans (16.87%) and business loans (10.24%).

It is time for the Government to introduce more drastic cooling-off measures for non-housing loans in order to curb debt that is not backed by assets. This will protect the rakyat from further impoverishment that they are voicing and feeling today.

As we kick start the new year, it is good to relook into our debt portfolio. When we are able to identify where we make up most of our debts, and start to reallocate our financial resources more effectively, we will be heading towards a sound and healthier financial status as a nation.

By Alan Tong – Food for thought

Datuk Alan Tong has over 50 years of experience in property development. He was the world president of FIABCI International for 2005/2006 and awarded the Property Man of the Year 2010 at FIABCI Malaysia Property Award. He is also the group chairman of Bukit Kiara Properties. For feedback, please e-mail feedback@fiabci-asiapacific.com.
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Moving forward with affordable housing


One way to solve housing shortage problem is to build more houses.

“If we take a look at countries with commendable housing policies such
as Singapore and Hong Kong, we notice that the government plays a very
important role in building and ensuring a sufficient supply of housing
for their people.”

THE issue of affordable housing has been a hot potato for many countries, especially for a nation with a growing population and urbanisation like ours.

In my previous article, I mentioned that there was a growing shortage of affordable housing in our country according to Bank Negara governor Tan Sri Muhammad Ibrahim. The shortage is expected to reach one million units by 2020.

According to Bank of England governor Mark Carney, one of the most effective ways to address the issue is to build more houses. There are good examples in countries like United Kingdom, Australia and Singapore, which have 2.4, 2.6 and 3.35 persons per household respectively.

In comparison, the average persons per household in our country is 4.06 person, a ratio which Australia had already achieved in 1933! To improve the current ratio, we need to put more effort into building houses to bring prices down.

If we take a look at countries with commendable housing policies such as Singapore and Hong Kong, we notice that the government plays a very important role in building and ensuring a sufficient supply of housing for their people.

For example in Singapore, their Housing and Development Board (HDB) has built over one million flats and houses since 1960, to house 90% of Singaporeans in their properties. In Hong Kong, the government provides affordable housing for lower-income residents, with nearly half of the population residing in some form of public housing nowadays. The rents and prices of public housing are subsidised by the government and are significantly lower than for private housing.

To be on par with Australia (2.6 persons per household), our country needs a total of 8.6 million homes to house our urban population of 22.4 million people. In other words, we need an additional 3.3 million houses on top of our existing 5.3 million residential houses.

However, with our current total national housing production of about 80,000 units a year, it will take us more than 40 years to build 3.3 million houses! With household formation growing at a faster rate than housing production, we will still be faced with a housing shortage 40 years from now.

Therefore, even if the private sector dedicated all its current output to build affordable housing, it will still be a long journey ahead to produce sufficient houses for the nation. It is of course impossible for the private sector to do so as it will be running at a loss due to rising costs of land and construction.

In view of the above, the government has to shoulder the responsibility of building more houses for the rakyat due to the availability of resources owned by the government. Land, for example, is the most crucial element in housing development. As a lot of land resources are owned by government, they must offer these lands to relevant agencies or authorities to develop affordable housing.

I recall when I was one of the founding directors of the Selangor State Development Corp in 1970s, its main objectives was to build public housing for the rakyat.

However, today the corporation has also ventured into high end developments in order to subsidise its affordable housing initiatives. This will somehow distract them from focusing on the affordable housing sector.

Although government has rolled out various initiatives in encouraging affordable houses, it is also important for the authorities to constantly review the original objectives of the relevant housing agencies, such as the various State Economic Development Corporations, Syarikat Perumahan Negara Bhd, and 1 Malaysia People’s Housing Scheme, to ensure they have ample resources especially land and funding to continue their mission in building affordable housing.

A successful housing policy and easy access to affordable housing have a huge impact on the rakyat. It is hoped that our government escalates its effort in building affordable housing, which will enhance the happiness and well-being of the people, and the advancement of our nation.


Datuk Alan Tong has over 50 years of experience in property development. He is also the group chairman of Bukit Kiara Properties. For feedback, please email feedback@fiabci-asiapacific.com.
By Alan Tong

Citizens’ frustrations, Malaysian youths worry about future; MCA dares to face criticism


Citizen Liow’ plays dual role in National Day video
Myself and I: Citizen Liow (left) comes face-to-face with the politician in ‘Citizens’ in conjunction with National Day.

Malaysia is all about us – On The Beat

‘Citizen Liow’ vents his frustration in short film

KUALA LUMPUR: It is Datuk Seri Liow Tiong Lai as we have never seen him before – shabby, dispirited and a little rude.

Without his signature full-rim spectacles, Liow, playing an ordinary citizen in a video with a poignant but powerful message, vents his spleen about the country’s current mood.

From the hurtful balik tongsan comment to corrupt practices, Citizen Liow is determined to get his frustrations off his chest.

He even throws a fistful of sweets at a guest in his home. The guest is also played by Liow, who essentially portrays his everyday role of a politician.

The on-screen sparring between both Liows is a creative, yet brutally frank, account of the general sentiments of the local Chinese community.

It is almost painful to watch the heated encounter, but that is exactly why the six minute-long video Citizens is so compelling.

Producers Pete Teo and Liew Seng Tat did not attempt to paint a rosy and glowing picture even though the clip was meant for the upcoming National Day celebrations.

The video boldly addresses the grievances and fears of the Chinese community in Malaysia, which means there will inevitably be “anger, helplessness and conflict”, as Teo explained on his Facebook.

Liow, in his real life as Transport Minister, Bentong MP and especially MCA president, must have often been at the receiving end of the kind of harsh comments hurled by “Citizen Liow” in the clip.

“Politicians only know how to talk!” is perhaps the most common sweeping statement that disregards the efforts and contributions of community and government leaders. In the video, Liow the politician admits there are shortcomings.

The seasoned politician says: “I can find excuses and try to defend ourselves by saying that circumstances do not work in our favour, but no, I won’t do that.”

“We didn’t say there weren’t mistakes. We did not handle many things well, but it is not easy to rule a country.”

“We have seen many politicians from both sides dwelling on the negatives when support for them fades. This alienates the people even further,” he said.

With the National Day just days away, the video is a timely reminder to those with political ambitions to reflect on their vision for the country.

Similarly, the public can look back at the past 60 years of the country’s development, from a mining and agricultural-based economy to today’s multi-sector economy anchored in manufacturing and services.

Of course, there will always be challenges and sacrifices as we progress. Good governance is a must if we are to continue on that path of growth and prosperity.

But as Citizens reminds us, it is important not to lose hope. We must believe that our founding father Tunku Abdul Rahman’s vision of Malaysia will come true.

At the end of the video, “Citizen Liow” has a change of heart. He quietly retrieves the Jalur Gemilang from storage and displays it on his balcony, with his real-life wife Datin Seri Lee Sun Loo at his side.

When met by reporters yesterday, Liow was visibly pleased with how the video has turned out. He said the message he wanted to send through the video was for Malaysians to unite and work together to make the country a progressive nation.

“We love this nation. We are proud to be Malaysians and we are working hard to make this country a stronger nation. That’s the aspiration and message we want to send out,” he said.

By Tho Xin Yi The Star/ANN

‘Youths worry about future, not politics’

Future wave: Liow and Chong (second from left) sharing a light moment with students after the TN50 DialogueUTAR in the Sungai Long Campus.

CHERAS: Youths are more concerned about their future than politics. This is the feedback gathered during the recent TN50 dialogues with students from several universities, said MCA president Datuk Seri Liow Tiong Lai.

“However, I don’t think they are indifferent towards politics. They are aware of issues.

“For instance, they know that this is about TN50 and about a future that they want,” Liow said after attending a TN50 Dialogue @UTAR with 700 students at UTAR Sungai Long Campus here yesterday.

He cited education and health issues, including the ability to earn a decent living, as some of the aspirations raised by the students during the hour-long dialogue session.

Liow said it is crucial for youths to continue upholding the core value system practised by Barisan Nasional.

He added that Barisan’s core values such as consensus, mutual respect, unity, cooperation and harmony are shared by Malaysians.

“Barisan upholds values of consensus and mutual respect but DAP is sowing the seeds of hatred. The party is also sowing the seeds of anger towards the Government which is causing a split in our society,” he said.

Liow added that the Opposition lacked the core values and was now in a chaotic state.

There was a casual air about the dialogue session where students were asked by moderator MCA youth chief Datuk Chong Sin Woon to address Liow as “Ah Liow” and himself as “Ah Chong”.

Earlier during the dialogue, Chong warned students to be wary of fake news on social media.

“The reality is that most news on social media are fake.

“You should check the source and not blindly believe all that you read,” he said.

He also said that youths were more concerned about “bread and butter” issues rather that politics.

At another function, Liow said more skilled workers were needed as the country progresses.

“It is important for us to train more technical professionals. For MCA, we would like to expand VTAR Institute because of our significant growth in students from 100 to 700 in these few years.

“We will find the right place to expand VTAR and we hope to have more than 1,000 students here,” he told reporters after launching the PW2 wireman competency licence course at the institute in Setapak here yesterday.

VTAR is the vocational education arm of MCA.

Earlier during the function, VTAR CEO Tan Cheng Liang signed a memorandum of understanding with the Federation of Malaysian Electrical Appliances Dealers Association (Fomeda) president Gan Cheng Swee to run the PW2 programme. – The Star

‘Citizen Liow’ plays dual role in National Day video

国民 CITIZENS

A screengrab from the video short “Citizens”.

PETALING JAYA: You’re not seeing double – it really is Datuk Seri Liow Tiong Lai playing two roles in a National Day video by producers Pete Teo and Liew Seng Tat.

The six minute-long video short entitled Citizens was released on Monday in conjunction with the upcoming National Day celebrations.

In the video, he portrays himself in his everyday role as Transport Minister, having a no-holds-barred conversation with a citizen who has grouses about the way the country is run – a role also played by Liow.

Liow, the minister, is smartly dressed in a long-sleeved shirt and slacks, while “Citizen Liow” is dressed very casually, with his hair a little unkempt and wearing a grey T-shirt, without spectacles.

Teo, in a Facebook post on Friday, said the project took months to put together.

“Largely this was because the script required a Federal Minister who had the gumption to submit to what we wanted to shoot.

“We kept trying and eventually found our man,” he said.

Teo said they did not want to make a film that could be confused for a “tourism video.”

Citizens reflects the current mood of the country, especially the fears of the Chinese community.

“It would therefore have to contain anger, helplessness and conflict. Yet it must contain hope – for we are even now not without hope – and so the film should also unite us in hope across the political spectrum,” said Teo.

This is not Liow’s first film. He previously acted in other 15Malaysia and Hari Malaysia shorts, also produced by Teo.

“What is different this time is that while he was civilly treated as a cabinet minister before, he will be brutalised this time; and while he was stereotyped as a politician before, he is now a human being – filled with the same fears, regret, conflicts and hope as all of us,” said Teo, adding that he thought long and hard about the casting.

Also making an appearance in the film is Liow’s wife Datin Seri Lee Sun Loo.

Teo said that it took courage for Liow, who is MCA president, to act in the film especially since he and MCA “are deeply maligned in sections of the Chinese community”.

‘Citizens’ Liow trends at second spot

PETALING JAYA: As Pete Teo expected, his National Day video in which Datuk Seri Liow Tiong Lai plays two roles is gaining traction among Malaysians.

The six-minute clip Citizens clinched the second spot on YouTube’s Malaysian trending list as at yesterday afternoon. It had 127,766 views, trailing Taylor Swift’s new music video. The rest were content related to SEA Games.

In the video, Liow, 56, portrays himself as the Transport Minister having an honest conversation with a citizen, also played by Liow, who has grouses about the way the country is run.

Teo, who produced the video with Liew Seng Tat, was glad to see it attracting attention.

“We expect the video to do well, because we think it is a good video and it has something important to say that goes beyond party politics,” he told The Star.

Teo said there were twice as many likes as dislikes.

He applauded Liow for being able to rise above his persona as MCA president and act as an ordinary citizen.

The video was released on Monday in conjunction with National Day celebrations.

Meanwhile, Tan Sri Pheng Yin Huah said the video was “unpretentious and right to the point” and therefore, was well received by the community.

The Federation of Chinese Associations Malaysia (Hua Zong) president said it rightly captured the country’s current situation.

“A main point stressed is that the situation warrants the need for us to listen to each other, consolidate our strengths, stay united and be loyal to our country.

“This is a way to overcome the challenges, instead of just venting our frustrations,” Pheng said.

Apart from acknowledging the people’s disappointments and empathising with them, he said Liow had been tirelessly reaching out to the community to guide and help them in whatever ways possible.

Pheng pointed out that Liow had to draw on the party’s strengths and his role in the Government to help the community effectively.

In conjunction with National Day, Pheng said it was timely for all Malaysians to reinforce respect, love and tolerance among themselves and for the country so as to move forward together.

‘Citizen’ producer all praise for Liow – Nation


PETALING JAYA: The producer of the National Day video titled Citizen says it was brave of Datuk Seri Liow Tiong Lai to come onboard a production which had an “edgy” script.

Saying he would absolutely cast the Transport Minister in such a role again, filmmaker Pete Teo (pic) brushed aside some of the adverse comments on the casting choice.

“We think he did a great job playing the dual role of minister and citizen.

“That his casting is controversial has nothing to do with the job he does.

“We hope Datuk Seri Liow’s contribution will at least be acknowledged in the good spirit that it was given,” Teo said when contacted.

Teo, who produced the clip with writer-director Liew Seng Tat, said they had expected some form of backlash as soon as they decided that the role would be best played by a real-life politician.

“The fact that we eventually cast a Barisan National politician is besides the point, really. If we had picked an Opposition politician, the situation would be the same, except the accusations would be from Barisan supporters.

“So in a way, it was a no-win for us unless we had cast an actor,” he pointed out.

According to Teo, the film would have lost immediacy if they had cast an actor to play the role.

“So the decision was made to cast a politician. In fact, our choices were more limited than that because the script ideally required a Federal Minister.

“This narrowed down the choice to only several people. In the end, Datuk Seri Liow agreed to play the role and we went with him,” he added.

Teo said through the film, he and Liew wanted to drive home the message that it was important not to lose hope and to stay united when the going got tough.

“As said in the film’s opening lines, the last decade or more have been tough for the country. Non-Malay communities, in particular have felt alienated, helpless and fearful.

“That is why we are getting such hyper-emotive response to a Merdeka PSA film promoting hope and unity featuring a serving Cabinet minister from the MCA.

It would be easy to dismiss these aggressive social media outbursts as rantings of opposition cybertroopers, but these are real people with real grievances,’’ he added.

Teo, a multiple award-winning singer-songwriter, also praised Liow for having the courage to be involved in a film with “brutally frank dialogue”.

“Many have ignored the fact that the minister explicitly said in the film that he doesn’t mind who citizens voted for as long as they let their conscience be their guide.

“This is a massively important statement. It underlines our film’s non-partisan credentials,” Teo said.

In the six-minute video, Liow portrays himself in his everyday role as Transport Minister, having a no-holds barred conversation with a citizen who has grouses about the way the country is run – a role also played by Liow.

The video clocked in more than 200,000 views in four days since it was uploaded on YouTube.

 

‘MCA dares to face criticisms’ , Liow: We understand the voices and feelings of the people

 

Liow chatting with China’s Ambassador to Malaysia Dr Huang Huikang.

KUALA LUMPUR: MCA understands the voices and feelings of the people and dares to face criticism, said Datuk Seri Liow Tiong Lai.

The party president said having understood the people’s grievances, MCA is committed to overcoming the problems.

“I must stress here that I am aware of the people’s opinions and feelings. Therefore, I am willing to face the reality as I know that is the only way for us to change for the better,” he said.

Liow, speaking at the Blossom Arts Festival Malaysia (BAFM) 2017 awards ceremony and closing at Wisma MCA last night, was responding to some of the responses towards his double role in “Citizens”, a National Day video.

In the clip produced by Pete Teo and Liew Seng Tat, Liow portrays himself as the Transport Minister having an honest conversation with a citizen, also played by Liow, who has grouses about the way the country is run.

Liow also explained that the video aimed at telling people to have faith in the country and never give up, besides showcasing the inner voices of a Cabinet minister and a layman.

Liow added that MCA is steadfast in performing its role in Barisan Nasional.

“We will continue to be the defender of the Federal Constitution, the corrector and the balancing force against hegemony.

“History would reveal that during critical moments, be it fighting for citizenship, persistency on multi-stream education, pushing for the establishment of National Economic Action Council or the recent movement against PAS’ Private Member’s Bill to amend Act 355, MCA has been consistent in playing its role in Barisan,” he said.

Meanwhile, MCA vice-president Datin Paduka Chew Mei Fun said the next edition of BAFM would be put on hold pending the general election.

“My comrades and I, as well as MCA staff, must turn our full attention towards preparing for the coming general election,” Chew, who is also the Malaysian Chinese Culture and Arts Consultative Council chairman and BAFM organising chairman, said.

Big celebration: Drummers performing during the closing ceremony of the Blossom Arts Festival Malaysia at Wisma MCA. (Right) Liow chatting with China’s Ambassador to Malaysia Dr Huang Huikang.

She said BAFM has received the attention of foreign academicians.

Chinese University of Hong Kong’s Department of Cultural and Religious Studies, for instance, sent professors and students to observe the event, she added.

“If we persevere, we are confident of becoming a household name and a premier event among artists,” she said in her speech.

The month-long BAFM concluded yesterday. Also present at the event was China’s ambassador to Malaysia Dr Huang Huikang.

By Yimie Yong The Star Online

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Home locked by Penang City Council over RM468 paltry arrears of assessment


Hard lesson: After settling his assessment arrears, Chua Yung Lin, 37, finally receives the key (inside envelope) to unlock the chain used to seal up his unit at Taman Seri Hijau in Van Praagh Road, Penang. (Above) A closeup of the notice from the council pasted on the grille gate. — CHARLES MARI ASOOSAY/The Star

A SALESMAN is furious that his apartment unit was padlocked by the Penang Island City Council (MBPP) because he failed to pay two years of assessment arrears amounting to RM468.86.

A council official, however, defended the action, saying that MBPP was empowered to do so under the Local Government Act 1976 if a ratepayer failed to pay a year’s assessment.

Chua Yung Lin, 37, got the keys to the padlock when he paid up the arrears as well as the RM111.86 second half assessment for this year and a RM20 penalty in Komtar on Wednesday after a neighbour informed him a day earlier that the MBPP had sealed the unit.

But he is adamant in not unlocking the padlock himself, saying that the council should do so as its officials were the ones who locked up the unit.

“They gave me all the keys to the padlock and when I asked them if I needed to return the chain and padlock, they told me I could keep them,” Chua told reporters outside the unit at Taman Seri Hijau in Van Praagh Road, Penang, yesterday.

He lodged a police report on Wednesday to inform the police that he had settled the arrears and for his safety should he decide to unlock the place himself.

Chua, who has been renting out the unit for the past three years, said it was dangerous for MBPP to padlock the unit as there could be someone inside who would not be able to escape should there be an emergency.

“Thankfully, there was no one in the apartment as I think my tenants have gone out of town,” he added.

He claimed to have forgotten to pay the assessment because his tenants did not inform him of the bills.

Penang Gerakan vice-chairman Lee Boon Ten said MBPP had acted prematurely and could be charged with criminal negligence for sealing the gate of an occupied home.

“He only owed them a nominal amount. If someone was inside the apartment when they locked it, it would have been false imprisonment,” said Lee who was also present.

MBPP treasury revenue unit head Suhaida Kamalul Ariffin said Section 148(3) of the Local Government Act 1976 empowered the council to seal premises whose owners defaulted in a year’s assessment payment but the council usually only did so after the arrears were accumulated for two years.

“We can actually break down the door and seize the belongings inside. If we don’t do that to avoid destroying the door, we will seal the premises as an indication to the owner. This is however only carried out after we have checked to see if anyone is inside.

“Only after we are sure it is unoccupied, do we seal the premises,” she said when contacted yesterday.

Suhaida also said the council pasted a notice demanding the owner to settle the arrears on the unit’s grille gate in May.

“There was no response, leading us to seal the apartment. Once payment is made, we usually give the owner the keys to the lock as it is standard procedure to let them unlock it themselves,” she said.

Source: The Star

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Singapore’s PM Lee family feud


A feud between the children of Singapore’s late founder Lee Kuan Yew has intensified. The family dispute first became public last year on the anniversary of Mr Lee’s death, when the prime minister Lee Hsien Loong’s sister, Lee Wei Ling, accused him of exploiting the late leader’s legacy for personal gain.

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Singapore PM Lee family feud explodes into open, gets more heated


Click for video:

PETALING JAYA: A public spat between the late Lee Kuan Yew’s children has shattered the usually serene political landscape in Singapore, with two siblings accusing their brother Prime Minister Lee Hsien Loong of abusing his powers.

Kuan Yew’s daughter Dr Lee Wei Ling and son Lee Hsien Yang accused their big brother Hsien Loong of, well, acting like “Big Brother”, with Hsien Yang going so far as to say he was fleeing the country.

“We are concerned that the system has few checks and balances to prevent the abuse of government.

“We feel big brother omnipresent. We fear the use of the organs of state against us and Hsien Yang’s wife, Suet Fern,” the two said in a six-page statement that was also posted on Facebook early yesterday morning.

Hsien Yang’s son, Li Shengwu, said the situation had become so bad that the family planned to relocate overseas.

“In the last few years, my immediate family has become increasingly worried about the lack of checks on abuse of power.

“The situation is now such that my parents have made plans to relocate to another country, a painful decision that they have not made lightly,” he said on Facebook.

Wei Ling and Hsien Yang also accused their brother of trying to establish a political dynasty and wanting to “milk” their father’s legacy.

They said Hsien Loong and his wife Ho Ching – the CEO of state investor Temasek Holdings – harboured political ambitions for their son Li Hongyi, who works at government agency GovTech Singapore.

The heart of the matter seems to be the siblings’ unhappiness that Hsien Loong was not following their father’s wishes in demolishing the family home at 38 Oxley Road.

Before he passed away in March 2015, Kuan Yew had already expressed his desire that the house he moved into and lived in since 1945 be demolished because he did not want it becoming a “political shrine”.

That desire was part of his last will and testament, but the current prime minister has declined to follow through.

His siblings have attributed this refusal to Hsien Loong’s political ambition.

“Indeed, Hsien Loong and Ho Ching expressed plans to move with their family into the house as soon as possible after Kuan Yew’s passing,” said Wei Ling and Hsien Yang.

“This move would have strengthened Hsien Loong’s inherited mandate for himself and his family.

“Moreover, even if Hsien Loong did not live at 38 Oxley Road, the preservation of the house would enhance his political capital,” they said.

Hsien Loong, who is travelling overseas with his family, said he was disappointed and saddened by his siblings for “publicising private family matters”.

“I am deeply saddened by the unfortunate allegations that they have made.

“Ho Ching and I deny these allegations, especially the absurd claim that I have political ambitions for my son.

“Since my father’s passing in March 2015, as the eldest son I have tried my best to resolve the issues among us within the family, out of respect for our parents.

“My siblings’ statement has hurt our father’s legacy,” Hsien Loong said in a statement posted on Facebook.

Singaporeans seem divided on the matter.

On Hsien Yang’s Facebook page, he was greeted by more criticism than praise, with some accusing him of being the one who had tainted his father’s legacy.

“A family feud that is aired so openly is a sad thing to see,” said Dolpzy Do.

On Hsien Loong’s Facebook, it was generally the opposite.

Pointing out that Kuan Yew had passed away over two years ago, Jacq Low said, “His last will should have been settled by now.”

While such a public spat is rare in Singapore, it is not unprecedented. Last year, as the island-republic commemorated the first anniversary of Kuan Yew’s death, Wei Ling went public with similar concerns.

In a family feud that played out on Facebook, she said the elaborate events were not what her father would have wanted, and that he would have cringed at such “hero worship”.

Wei Ling, a neurosurgeon, also accused Hsien Loong of abusing his power and using the anniversary to try and establish a political dynasty.

Hsien Loong replied via Facebook, saying he was “deeply saddened” by the accusations, describing them as “completely untrue”.

Source: The Star

 

PM Lee’s family feud becomes more heated

 

PETALING JAYA: The public spat between Singapore Prime Minister Lee Hsien Loong (pic) and his siblings became more heated Thursday, with the younger brother accusing the older of not being truthful.

The two younger children of Singapore’s founder and longest-serving premier Lee Kuan Yew, Dr Lee Wei Ling and Lee Hsien Yang, took to Facebook to air their grievances.

Hsien Yang accused his brother of not being truthful over the issue of their father’s wish to have the family home demolished.

Before he passed away in March, 2015, Lee Kuan Yew had expressed his desire that the house at 38 Oxley Road be demolished because he did not want it becoming a “political shrine.”

He had made that part of his last will and testament.

In a Facebook post, Hsien Yang compared what he said were Hsien Loong’s statements in public and those in private.

Hsien Yang said that despite the prime minister saying in public that the decision to demolish the house did not need to be taken immediately, a “secret committee” of ministers was set up to explore and make recommendations.

When Lee Kuan Yew’s will was recognised as final and legally binding, Hsien Loong did not mount a legal challenge.

However, he privately wrote to the above committee to say that there was no evidence their father knew that the demolition clause “had been reinstated into the last will,” the younger brother alleged.

Hsien Yang also claimed that the prime minister even swore this under oath in a statutory declaration.

Finally, while saying in public that he hoped the government would respect their father’s wish to have the house demolished, Hsien Loong told the committee in private that Lee Kuan Yew would have “accepted any decision to preserve it.”

“The will is final and binding. We have no confidence in Lee Hsien Loong or his secret committee,” Hsien Yang said in his Facebook post.

The tiff between Lee Kuan Yew’s children, simmering since their father’s death, had its lid blown open on Wednesday when the two younger siblings posted an explosive six-page statement saying that they had lost confidence in their elder brother.

Wei Ling and Hsien Yang also accused Hsien Loong of using the state machinery against them.

“We fear the use of the organs of state against us and Hsien Yang’s wife, Suet Fern,” they said.

Hsien Yang, chairman of the Civil Aviation Authority of Singapore, said it had got so bad that he and his family intended to move out of the country.

Wei Ling and Hsien Yang also accused their older sibling of trying to establish a political dynasty and wanting to “milk” their father’s legacy.

They said Hsien Loong and his wife Ho Ching – the chief executive officer of state investor Temasek Holdings – harboured political ambitions for their son Li Hongyi.

In an immediate response on Wednesday, Hsien Loong said he was “deeply saddened by the unfortunate allegations that they have made.”

“Ho Ching and I deny these allegations, especially the absurd claim that I have political ambitions for my son,” he said, adding that he was disappointed in his siblings for publicising private family matters.

However, in a Facebook post on Thursday, his sister Wei Ling said she and her brother would not have issued a public statement if the dispute over their late father’s house was “merely a family affair”.

Source: The Star/ANN

Related Links:

PM Lee releases summary of statutory declarations over Oxley Road house

Lee Hsien Loong’s son says he is not interested in politics

Dispute with Lee Hsien Loong more than a family affair, says sister

Lee Suet Fern says she and husband Lee Hsien Yang are in process of ‘preparing to leave Singapore’

 

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Leaving a legacy by buying a house first before a luxury car …


 

DURING big festive celebrations such as Hari Raya Aidilfitri, Deepavali and the recently celebrated Chinese New Year, it is common to see families with a few generations gathered together.

Our grandparents, parents, uncles and aunties would talk about the legacies left by our ancestors, and the stories often attract a lot of attention whether from the young or old.

Perhaps, the topic of leaving a legacy is something worth sharing as we embark on a brand new year.

For years, I have been touched by the catchy tagline of a renowned Swiss watch advertisement, “You never actually own a (the watch brand), you merely look after it for the next generation”.

While most of us can relate to the thought, not all of us can indulge in such luxurious watches or be interested in buying one. However, at some point in time, we may be looking at buying a property to pass down to our younger generations.

Whenever the topic of leaving a legacy is brought up, I would recall the lesson that I learnt from my late father. My father embarked on a long journey from China to Malaysia at the age of 16. With years of hard work and frugality at his peak, he managed to own a bus company, the Kuala Selangor Omnibus Co.

Other than his bus transport business, he only invested in his children’s education and real estate. He financed seven of his eight sons to have an overseas university education, and when he passed away, he also left four small plots of land in Klang and a company which had 34 buses.

As I look back now, what my late father invested in unintentionally was very beneficial to me when I came back from my studies as an architect. With the land he handed down and the knowledge he equipped me with, I intuitionally got myself involved in small real estate development, and later founded my property development company, Sunrise, in 1968.

Many people have thought of leaving a legacy. The crucial questions often asked are, when should we start planning for it, and how should we go about it?

For financial planning and investment, I always believe that the earlier we start, the better off we are. The same goes to leaving a legacy.

If you plan to buy a property, it is advisable to start earlier as it is more affordable to buy it now as compared to 10 or 20 years down the line especially with rising costs and inflation in mind. You can start with what you can afford first and focus on long-term investment.

It is proven that property prices appreciate over a period of time, especially when we plan to hand over assets to the next generation that easily involves a 20- to 30-year timeline.

As a developing nation which enjoys high growth rate, Malaysia’s property values will also appreciate in tandem with the economic growth in the long run.

Nowadays, we often hear youngsters comment on the challenges of owning a house due to the rising cost of living. I believe that besides starting with what you can afford, it is also important to plan your financial position wisely and to differentiate between investment and spending.

Investing in properties, commodities, shares, etc. is also a form of savings which can help to grow your wealth and to leave a legacy. On the other hand, money spent on luxury items may depreciate over time from the day you buy them. If we can prioritise investment over expenditure, it is easier and faster to achieve our financial goals.

So, if you haven’t already started to plan, do consider leaving a legacy by buying a house first before a luxury car, branded bags or expensive gadgets, as the latter are considered ‘luxury’, not necessity.

Even if you may not have a spouse or children at this point in time, it’s better to start now than later, as our financial commitments tend to grow bigger as we progress into the next stages of our lives.

Most of us hope our lives matter in some way that can make an impact on our loved ones. The idea of leaving a legacy can take many forms, such as equipping the younger generations with knowledge and values, or leaving them fond memories.

Those are all important to work on and they leave a footprint to those lives you touch. If you are also planning to hand over physical gifts, always remember to start earlier with what you can afford, and focus on long term investment.

By Food for Thought Alan Tong

Datuk Alan Tong has over 50 years of experience in property development. He was the world president of FIABCI International for 2005/2006 and awarded the Property Man of the Year 2010 at FIABCI Malaysia Property Award. He is also the group chairman of Bukit Kiara Properties. For feedback, please email feedback@fiabci-asiapacific.com.

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