Malaysia Turns to Property Crowdfunding as Banks Reject Loan Applications
Residential apartment buildingsnear the Klang river in Kuala Lumpur.
Photographer: Sanjit Das/BloombergThis article is for subscribers only.
Malaysia’s government is turning to the wealth of the masses, instead of reticent banks, to help solve a $4.8 billion property overhang.
Property crowdfunding offers an alternative for home buyers, Finance Minister Lim Guan Eng said on Friday, after he warned banks that he may take action against them for rejecting housing loan applications without reason.