Hong Kong action hero Jackie Chan has once again provoked criticism, this time from an American blogger, after suggesting on Chinese television that the US is the "most corrupt" country in the world.
"When you talk about corruption, the whole world, is there corruption in the United States? The most corrupt in the world!" the Rush Hour star, who has made headlines recently for his controversial views, told Phoenix TV last month.
Chan reaffirmed his view after the show's host questioned him -- "Of course! Where did the great breakdown come from? The world, the United States started it," Chan said, referring to the financial crisis and gesticulating as he spoke.
His comments were rebuked Thursday by Max Fisher, a foreign affairs blogger for the Washington Post, who called them "anti-American" rhetoric that was rooted in China's insecurity.
"To the degree that Chan's comments were anti-American, they likewise reflect a common Chinese view of the United States, one that is rooted not just in attitudes toward America but in China's proud but sometimes insecure view of itself," Fisher said.
Jackie Chan also said China is a relatively young country, where in the first half of its history it was "bullied by so many people", and that it only achieved "real success" in the past decade.
"Our country's leaders admit they are corrupted, etcetera. We are improving -- I can see our country is constantly improving and learning," he said, adding that everyone is making an issue out of China because it is "powerful" now.
Chan, who is known for his martial arts skills and daring stunt work, sparked criticism in Hong Kong, which was returned to China in 1997, after he reportedly told a Chinese magazine last December that protest in the city should be restricted.
In the same interview, he said that he was bullied by Hong Kong triads and had to hide in the United States. He also said he needed to carry a gun everyday to protect himself, leading to a police investigation. – AFP
Sunday, 13 January 2013
Saturday, 12 January 2013
Make the right money moves: investing in a property is still best
THE Christmas and New Year celebrations offer us good reasons to indulge in extra spending — shopping for presents, overseas trips, parties and rewarding ourselves more lavishly than usual.
But now that the fireworks are over, what’s next?
The talk of the town these days is that the coming 13th general election have to be called before April 2013. We will know whether the ruling coalition will govern this country for yet another term. To endear themselves to the voters, the opposing coalitions are dishing out promises of reform and concession, but are we aware how these overtures, if implemented, will affect our pockets?
Reform and spending power
Well, any reform that will increase the spending power of the people is welcome. We are anxiously waiting for reforms that will lessen our tax burdens, abolish road tolls, increase subsidies on essential goods (particularly petrol), lower the prices of cars and provide free education opportunities for all.
However, these reforms are not made available to us — yet. Instead, the looming prediction that Parliament may be dissolved appears to have caused the general public to display a sense of anxiety and unwillingness to make financial commitments in property until the coming general election is over and the government of the day has assumed office.
With or without these perks, most of us still make financial resolutions with every intention of fulfilling them. But as the months pass, it is common for us to lose sight of our goals.
Conventional standards often call for a progressive career, comfortable home in a good neighbourhood, respectable ride, savings for children’s education and retirement. Sounds simple and achievable, but we know from experience that distractions creep in to dwarf our hard-earned savings aimed for these plans.
It boils down to our priorities and preferences. If you have X amount of cash, what would you do with it?
Invest wisely
The prudent approach is to invest your hard-earned money in avenues that yield long-term returns. Early gratification like rewarding ourselves with a fancy vehicle (I refer to vehicles beyond our means) before securing our first property may not be a great idea, as that would be funding a depreciating asset.
I know a young professional who owns a Ferrari but lives in a rented a house. I can’t blame him as I did the same! Although, mine was not such a luxurious ride.
Buying a property may seem like a heavy commitment now with half-a-lifetime’s worth of mortgage repayments, especially if you are young and uncertain of your future plans.
Renting appears to promise freedom of one’s cash, but in the long term, you would be glad to have tightened your belt as property values could rake in lucrative returns over the years.
As an example, I refer to a family friend, Ting, the retired general manager of an elite country club. In his younger days, the accountant reckoned that it would be more feasible to rent a house rather than buying one.
In a way, he was right in that the rent was much lower than the mortgage payments. That was in the late 1980s.
However, the world economy rose in the early 1990s, followed by a global stock market super-bull run, and local property prices have since been soaring without pause. The value of a RM200,000 link house rocketed to over RM300,000 within a few years during that period.
On seeing the phenomenon, he hastily bought his first property, a double-storey link house in an exclusive country club resort for RM400,000. That house is currently valued at about RM1.2 million.
He has since paid off his mortgage and does not have to worry about paying thousands of ringgit in rent every month.
Had Ting held off on buying that piece of property, he would have been paying monthly rent of RM3,000 till today, and thereafter, mortgage payments of easily RM5,000 every month. His timely decision saved him from all of that.
Understandably, young adults who have just entered the work force may face difficulty doing the same and some may require parental assistance. If that is not an option, it would help to have a thorough savings plan drawn up.
It is our culture in Asia for working adults to continue living with the parents as this alleviates us of the burden of paying mortgage payments or rent every month, allows us to enjoy laundry services and home-cooked meals. With such comfort, it’s easy to be unmotivated and complacent.
For young adults, the chance to buy a house or condominium unit is fast slipping away, what with the doubling of prices in the last several years. Friends and clients who are property developers say prices in the city centre, have risen from RM800 per sq ft in 2004, and to RM1,600 in 2012.
Rising property prices
Property prices rise with demand, especially demand from foreign investors, some of who have set up home in the city centre, what with the successful implementation of the Malaysia, My Second Home Programme (MM2H).
Therefore, the past few years have seen developers change their strategy in a bid to attract foreign investors.
Recently, we often hear the marketing for “bungalows in the sky”, lavish units exceeding the more conventional 1,500sq ft to 2,000sq ft. Some of these luxurious condominiums are larger than 3,000sq ft. Clearly, these products are not catering to the young working class.
These days, a double-storey link house in any prime location is selling at above RM1mil and a 1,200sq ft apartment is going for approximately RM700,000.
Pretty soon, such properties will be unatainable for the younger generation.
Furthermore, there’s Bank Negara’s credit tightening measures such as the 70% loan cap on the margin of financing for a third property purchase and other stringent lending criteria for consumer banks to follow.
Owning property isn’t going to get any easier as the years pass.
A fair perspective of the potential capital appreciation can be gained via a comparison between the KL and Singapore city centres.
A 1,500sq ft apartment in prime areas in Singapore is priced around S$4mil (RM10mil), whereas a similar unit in the Golden Triangle costs some RM2.5mil to RM3mil.
If we were to use worldwide trends in property price appreciation as a guide, we would see property prices in Kuala Lumpur have room to rise.
With relatively low property prices in the city centre, and rental yields at 6.21% (which is among the highest in the region; with Singapore at 2.94% and Hong Kong at 3.23%), investing poses an excellent proposition.
I read recently that in Hong Kong the unit rate (per square meter) for an apartment costs US$19,323 (RM59,000), while Singapore follows closely at US$16,727.
Fortunately for us, Kuala Lumpur lags, at US$2,182 in spite of our relatively high standards of living.
Consider this — the sub-prime financial crisis and the subsequent financial turmoil in the European Union did not have any negative impact on prices in our property market and the recent The Star Property Fair 2012 attracted throngs of buyers and investors. To me, this shows the high demand for property in Malaysia.
In my opinion, local property prices will not be determined by the results of the general election. Whichever coalition wins, property prices will continue to rise. So, it is up to you to make the right money moves in 2013 and make your dreams come true.
May God bless you and your loved ones with love, peace, joy and excellent health!
By CHERMAINE POO
Chermaine Poo, a chartered accountant by profession, was trained in corporate finance. A former beauty queen, she has since gained popularity as an actress, TV host, commercial talent and emcee. If you have any questions on money matters, send her an email at info@chermainepoo.com or follow her on www.chermainepoo.com, www.facebook.com/chermainepoo and www.twitter.com/chermainepoo.
Related post:
Is having a car still a symbol of freedom?
Friday, 11 January 2013
Is having a car still a symbol of freedom?
HAPPY 2113! Rest assured there is no typo error on the intended year of the greeting. I am wishing everyone a Happy 2113 at the beginning of 2013, to invite you to an adventurous ride to see the world 100 years ahead.
Imagine yourself embarking on a flying public vehicle that can carry you almost anywhere without the hassle of traffic jams. Late and missed appointments will be a thing of the past.
With an effective and efficient public transportation system in place, using your own vehicle other than for leisure or emergencies would seem unnecessary.
Imagine that the highways, car lanes and open car parks that once filled the landscapes are now replaced with parks, pedestrian friendly streets, public halls, malls, cafés and restaurants.
Travelling far to enjoy a good meal or watch a movie at the cinema becomes a distant past.
With ample time at hand, you can even catch up with colleagues, friends or family members at these easily accessible and beautiful sites or if you prefer, indulge in your favourite sports such as jogging, cycling, etc.
Now, that is creating true work-life balance.
This scenario sounds like a fantasy but it may become a reality in 2113, a hundred years from now. A hundred years ago, the sky was the limit.
Today, outer space is the limit. With the advancement of technology nowadays, there is no limit to our imagination.
However, we do not need to wait a hundred years to enjoy such a lifestyle. We can have a city with a hassle-free public transportation system if we start planning and building it now.
Efforts must be made before we can move towards a world-class city where the citizens can travel freely despite the growing population.
To achieve this, one of the areas that everyone can contribute is to reduce the usage of private vehicles which is currently the main mode of transportation in our country.
Every year, we have more than 600,000 new vehicles joining the traffic league.
Imagine what will happen to our traffic condition 100 years later if this number keeps increasing?
The strong demand for cars is understandable as cars have long been associated with the symbol of freedom and independence. This symbol is further hyped in many movies such as the James Bond series and associated with many famous celebrities including James Dean.
Today, we are still embracing a vehicle-centric culture. Given a choice to pick between a self-owned vehicle or a self-owned property, the vehicle always gets the thumbs up especially for the younger generation. The young ones plan for the wheels they ride in but give less attention to the homes they live in.
According to the 10th Malaysia Plan, our public transportation usage has only reached 12% in 2009. Our government aims to increase it to 30% by 2015. In other vibrant cities such as Hong Kong and Singapore, their public transportation modal shares are about 90% and 60% respectively. In terms of car ownership,
Malaysia has a ratio of 200 cars for every 1,000 people, compared with Hong Kong’s 59 cars per 1,000 residents, and Singapore’s 117 cars per 1,000 residents.
With the number of vehicles rising significantly in our country, there is little room left for a car to continue being a symbol of freedom as portrayed in James Dean’s movies. Where is the freedom in owning a car if it is common to have long queues on our roads and our car is caught in traffic congestion?
Even in America, where the population is traditionally obsessed with cars, the Frontier Group and US Public Interest Research Group found that, Americans between 16 and 34 years old have in fact drove 23% fewer miles in 2009 compared with 2001. Meanwhile, they increased bicycle riding by 24% and their mileage on public transport by 40%.
To effect these similar changes in our country, a comprehensive and efficient public transportation network must be provided. One of the notable efforts made is the the Mass Rapid Transit (MRT) project.
The Sungai Buloh-Kajang line which is expected to be completed in 2017, is purportedly able to serve a population of 1.2 million people and attract 400,000 passengers per day.
The announcement on the alignments of Line 2 and Line 3 next year is a good move to transform our transportation landscape.
As we wait for the completion of the MRT networks, other alternatives such as providing more feeder buses and taxis, or extending the current number of our LRT coaches should be considered.
The 2113 scenario with all its sophistication and engaging living environment is a lifestyle worth pursuing. Best of all, we do not need to wait 100 years to enjoy this lifestyle if the public transportation projects can be expedited. It is done in many great cities, why not our own cities?
Today’s infrastructure is built for decades to come, it is meant to support the demand and growth of our future generation. A comprehensive public transportation system will be the answer to the challenges posed by a world class and people-oriented city. And the true symbol of freedom is captured when you are able to speed on an MRT which bypasses the cars stucked in the traffic below. ·
Food for thought By DATUK ALAN TONG
FIABCI Asia-Pacific regional secretariat chairman 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.
Related posts:
Our cars are costing us our homes!
Imagine yourself embarking on a flying public vehicle that can carry you almost anywhere without the hassle of traffic jams. Late and missed appointments will be a thing of the past.
With an effective and efficient public transportation system in place, using your own vehicle other than for leisure or emergencies would seem unnecessary.
Imagine that the highways, car lanes and open car parks that once filled the landscapes are now replaced with parks, pedestrian friendly streets, public halls, malls, cafés and restaurants.
Travelling far to enjoy a good meal or watch a movie at the cinema becomes a distant past.
With ample time at hand, you can even catch up with colleagues, friends or family members at these easily accessible and beautiful sites or if you prefer, indulge in your favourite sports such as jogging, cycling, etc.
Now, that is creating true work-life balance.
This scenario sounds like a fantasy but it may become a reality in 2113, a hundred years from now. A hundred years ago, the sky was the limit.
Today, outer space is the limit. With the advancement of technology nowadays, there is no limit to our imagination.
However, we do not need to wait a hundred years to enjoy such a lifestyle. We can have a city with a hassle-free public transportation system if we start planning and building it now.
Efforts must be made before we can move towards a world-class city where the citizens can travel freely despite the growing population.
To achieve this, one of the areas that everyone can contribute is to reduce the usage of private vehicles which is currently the main mode of transportation in our country.
Every year, we have more than 600,000 new vehicles joining the traffic league.
Imagine what will happen to our traffic condition 100 years later if this number keeps increasing?
The strong demand for cars is understandable as cars have long been associated with the symbol of freedom and independence. This symbol is further hyped in many movies such as the James Bond series and associated with many famous celebrities including James Dean.
Today, we are still embracing a vehicle-centric culture. Given a choice to pick between a self-owned vehicle or a self-owned property, the vehicle always gets the thumbs up especially for the younger generation. The young ones plan for the wheels they ride in but give less attention to the homes they live in.
According to the 10th Malaysia Plan, our public transportation usage has only reached 12% in 2009. Our government aims to increase it to 30% by 2015. In other vibrant cities such as Hong Kong and Singapore, their public transportation modal shares are about 90% and 60% respectively. In terms of car ownership,
Malaysia has a ratio of 200 cars for every 1,000 people, compared with Hong Kong’s 59 cars per 1,000 residents, and Singapore’s 117 cars per 1,000 residents.
With the number of vehicles rising significantly in our country, there is little room left for a car to continue being a symbol of freedom as portrayed in James Dean’s movies. Where is the freedom in owning a car if it is common to have long queues on our roads and our car is caught in traffic congestion?
Even in America, where the population is traditionally obsessed with cars, the Frontier Group and US Public Interest Research Group found that, Americans between 16 and 34 years old have in fact drove 23% fewer miles in 2009 compared with 2001. Meanwhile, they increased bicycle riding by 24% and their mileage on public transport by 40%.
To effect these similar changes in our country, a comprehensive and efficient public transportation network must be provided. One of the notable efforts made is the the Mass Rapid Transit (MRT) project.
The Sungai Buloh-Kajang line which is expected to be completed in 2017, is purportedly able to serve a population of 1.2 million people and attract 400,000 passengers per day.
The announcement on the alignments of Line 2 and Line 3 next year is a good move to transform our transportation landscape.
As we wait for the completion of the MRT networks, other alternatives such as providing more feeder buses and taxis, or extending the current number of our LRT coaches should be considered.
The 2113 scenario with all its sophistication and engaging living environment is a lifestyle worth pursuing. Best of all, we do not need to wait 100 years to enjoy this lifestyle if the public transportation projects can be expedited. It is done in many great cities, why not our own cities?
Today’s infrastructure is built for decades to come, it is meant to support the demand and growth of our future generation. A comprehensive public transportation system will be the answer to the challenges posed by a world class and people-oriented city. And the true symbol of freedom is captured when you are able to speed on an MRT which bypasses the cars stucked in the traffic below. ·
FIABCI Asia-Pacific regional secretariat chairman 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.
Related posts:
Our cars are costing us our homes!
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