Large swathes of Penang’s valuable heritage real estate have been bought by foreigners. The marginalised locals living on the undesirable urban fringes, yet to be forced out, or the foreigners who own most of the island? At the moment, those against the purchase of heritage buildings by foreigners are saying that some 250 buildings are no longer owned by Malaysians, disputing the state government’s lower figure. It speaks of raising the minimum purchase price to RM2 million, but already, heritage buildings are fetching multiples of this. Of course, politically, future state governments may nationalise, but such a move would frighten investors.

Source: New Strait Times February 06, 2017 02:36 UTC