KUALA LUMPUR: Urban Wellbeing, Housing and Local Government Minister Tan Sri Noh Omar will brief the cabinet today on the controversial developer lending scheme, after the ministry’s initiative was met with strong resistance and censure — even from within the cabinet itself. “On the ministry’s side, it is working on the mechanics for the developer lending scheme. Finance Minister II Datuk Seri Johari Abdul Ghani, meanwhile, stamped his disapproval on the developer lending scheme almost immediately after it was announced last Thursday. The Penang government has emphatically banned property developers from offering lending to buyers for their projects in the state. “Instead of assisting house buyers get a ‘soft loan’, it seems that house buyers are dragged into deeper debts unwittingly.

Source: The Edge Markets September 14, 2016 00:45 UTC