Malaysia’s ringgit rises as China boosts its economy, and more headlines

For PropertyGuru’s real estate news roundup, the ringgit rose to its highest since late December 2021 after China announced broad stimulus measures to boost its economy. In other headlines, foreign investors poured a total of USD2.4 billion into the real estate market of Vietnam in the first eight months of this year. Lastly, condo transfers to buyers from Myanmar in the first half of 2024 set a record in Thailand.

Ringgit at near three-year high following China’s broad stimulus measures

Equities in emerging Asian markets rose modestly on Tuesday after China announced broad stimulus measures to boost its economy, while the ringgit climbed to a near three-year high.

The ringgit rose 0.8 percent, its highest since late December 2021. The currency, the best performer in the region since the start of 2024 owing to strong foreign investor inflows and political stability, is eyeing its best year since 2017.

Chinese equities allied, while the yuan jumped to its highest level since May 2023 after China unveiled plans to lower borrowing costs and inject more funds into the economy.

“The currencies which are more linked economically together with China will certainly benefit… that’s sort of in the broader context of why the ringgit has done well today,” said Michael Wan, senior currency analyst at MUFG, in The Edge Malaysia.

Foreign investment in Vietnam’s real estate surges in January – August

Foreign investors poured a total of USD2.4 billion into the real estate market of Vietnam in the first eight months of this year, five times the level over the same period last year, according to the latest updates from the General Statistics Office (GSO).

VietnamPlus reports that real estate ranked second in foreign investment in Vietnam from January to August, accounting for nearly 20 percent of the registered total foreign direct investment (FDI) in the period.

Existing projects increased their capital by USD150,000 in the period, bringing the total foreign capital into the real estate sector to USD2.55 billion, 3.7 times higher than the same period last year.

Myanmar condo transfers in Thailand see a surge

Condo transfers to buyers from Myanmar in the first half of 2024 surpassed the total for 2023, which had set a record.

A Real Estate Information Center (REIC) report showed that in the first half of 2024, 638 condo units worth THB3.24 billion were transferred nationwide to Myanmar nationals.

The number of condo units transferred to Myanmar nationals nationwide began to surge in 2022, with 349 units worth THB2.55 billion, up from only 30 units worth THB274 million in 2021.

“Among all foreign nationals receiving condo transfers, Myanmar nationals ranked in the top 10 for the first time in 2022, compared to only 20-50 units per year previously,” said Vichai Viratkapan, REIC’s acting director-general, in a Bangkok Post bulletin.

The Property Report editors wrote this article. For more information, email: [email protected].