I am planning to make a portfolio adjustment as follow, which i think is
defensive but give flexibility on the agreesive option.

Sell one of my best property in Tier 1 City, China. Which will give me cash of around Ringgit 2.5M after loan settlement.

500k to settle current debt at Msia(which bring my msia debt to zero) and RM2M will make available.

To purchase through Auction/Lelong, this move is taking advantage of Cash Purchase, to aquired discounted value property (more on paper gain but believe the property price at quite bottom level and cant go too much further down.).

>Property Purchase at RM2M. Bank Valuation at RM3M.

The next move to make ready the bank financing through refinancing, so RM3M x 80%= RM2.4M.

Waiting for suitable oportunities when the more agreesive bear market.
1) Property: Klang Valley for easy management.
2) KLSE/Singapore/US Stocks (Waiting for Strong Bear)

To choose property that are friendly for AirBnB for 2 purposes:
a) more yield, lower purchase price, higher rental, targeting 8% - 10%
b) defensive, travel business will be defensive in bad economy.

Looking for second opinion or even crticism from wiser sifu. I am still considering and yet to make final decision. wish to listen to some second opinion.

* any agent fees and govt taxes (eg capital gain tax) to pay in China on selling the property?
In China, there is stamp duty, personal tax as well as RPGT. which standard practice here, these all will bare by buyer.
If buyer buying with cash or more downpayment, so there is tricks to make the valutation much lower and hence the total taxes required.
You need to pay huge downpayment and quite a sizeable amount of tax when you are buying a property.
-Agent fees pay by buyer. normal practice 2.7% but can negotiate to as low as 1%.

* Msian tax on returning the money home?
Yes, still figuring the way to bringing back to fun. so, most likely will use a HSBC or StandChart, to place a FD oversea
and applying for loan in msia. and slowly bring cash back. Just a rough idea, still figuring if it works.

* Yes, i am feeling illiquid. That why i am thinking of this mode, of Zero Debt, Property Valuation, and make ready Refinancing facilities using the property as collateral. So this can bring cash out quick if there is good invest opportunity.

* I am thinking to get use of the current market, buy auction at discounted price, can get higher bank valuation, can get more cash when refinancing, if ideally RM3M x 90%= will get higher leverage if required.
-Yes, i am thinking to put all these eventually available cash flow into share market. I sold all my malaysian share in 2015. I am thinking it's big bear in 2019-2020. But this will need time, research and observation, and process to build up the Share Portfolio.

I am hoping this is the final flip for me. i am thinking if it's bad market and a bottom in 2019-2020, hopefully assest to build up in another 5years (2023?2025?) then try to clear all debt and leverage and move to all positive cash flow model and live happily with no pressure.

I am 40years of age now. so hopefully retirement at 45years and live freedomely.