Recently I read in the news,oversea borned Chinese eg Malaysia after retired can apply for Chinese

Dear, you should contact with Chinese Embassy in Malaysia for more information.

Won't go into detail here but unless you have an immediate family member who is a Chinese national and currently alive, there is no way for you to get a family-based residence permit. It is also not possible for persons born outside China to restore Chinese nationality since they have never had it in the first place. The moral of the story is not to trust whatever you read on Chinese-language media.