Weekly Industry News

Objections to FundMyHome remind Tong of 1994 when he launched online share trading

Weekly Industry News

IT has been a hectic 11 days for Datuk Tong Kooi Ong since FundMyHome was launched on Nov 4 by Prime Minister Tun Dr Mahathir Mohamad.

The naysayers have been out in force to rubbish his creation of a digital platform that brings together developers and investors to help young Malaysians buy their first home without a need for a mortgage in the first five years.

Analysts from think tanks like Khazanah Research Institute and Institute for Democracy and Economic Affairs insist that those who cannot afford a mortgage should just rent and not be tempted to buy a house.

The Real Estate and Housing Developers’ Association also expressed its scepticism, which was a surprise, given that some critics have alleged that FundMyHome was set up to help developers at the expense of homebuyers.

Media Title: The Edge

Date: 19 Nov 2018

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