[Dow Jones] Malaysia property stocks likely to face selling pressure on government move to impose 5% Real Property Gains Tax effective Jan. 1, 2010, say dealers. "In particular, residential housing developers may face the brunt of the selling as the appetite for new launches may be marginally affected," says one dealer. Typically, investors purchase residential properties at launch and flip the property in secondary market for substantial premium. Real property gains tax were exempted from Apr. 1, 2007 to support flagging sales. Among stocks which may be affected are Mah Sing (8583.KU), SP Setia (8664.KU), IJM Land (5215.KU), Eastern & Oriental (3417.KU), Hunza Properties (5018.KU), Sunrise (6165.KU) and IGB Corp (1597.KU.
Dow Jones Newswires
October 25, 2009 20:02 ET (00:02 GMT)
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