KUALA LUMPUR, July 27 — PAS Selangor said today that PJ Utara MP Tony Pua’s suggestion to cut Bumiputera discounts for luxury homes and commercial property was “too rushed”.

PAS information chief Roslan Shahir Mohd Shahir said today that further studies and a detailed report had to be done before Pua’s suggestion could be considered.

He said the ability of Bumiputeras to compete with others had to be taken under consideration.

Pua said yesterday that removing the discount would improve competitiveness and restore investor confidence.

The chief economist for DAP’s statement, follows a recent United Nations report which showed that Malaysia’s Foreign Direct Investment (FDI) had plunged 81 per cent last year.

Roslan said however that more research was needed to prove that this change of policy would attract and boost confidence in foreign investors.

PAS Selangor said that any change affecting Bumiputeras, especially in Selangor, had to be done to introduce something better and beneficial to the group.

Pua had stressed the seven per cent discounts enjoyed by Malays and other Bumiputeras should be retained for homes below RM500,000.

He argued that no discounts should be given for commercial property above RM2 million.

Pua said effectively these units were being bought by middlemen, with a seven per cent discount, and then re-sold for profit of two per cent.

He pointed out that the state should also review its policy of giving out cheap land to subsidiaries.