The closure of Forest City sales galleries in China as well as the termination of the Bandar Malaysia agreement have cast doubts on Chinese investments here.
Shares in Malton Bhd, the property developer controlled by tycoon Tan Sri Desmond Lim Siew Choon, fell as much as 6.2% or 11 sen to RM1.67, after the counter hit an all-time high yesterday.
The buyer is another Hong Kong listed company, Co-Prosperity Holdings Ltd.
Local contractors have decried the government's move to impose final duties on rebar, steel wire rods and deformed bar in coils import for three years, starting today.
Scientex said its property business registered higher profit, consistent with higher sales, though its manufacturing business profit slipped, mainly due to lower product margins from both industrial and consumer packaging segments.
The rejection rate for housing loans is as high as 60%, causing property sales to remain sluggish, says the Real Estate and Housing Developers' Association (Rehda).
Titijaya Land Bhd, which is making its debut venture in Sabah via an RM575 million waterfront mixed development in Kota Kinabalu with a Chinese partner, aims to capitalise on tourism and recreational activities in the state to fuel demand for its projects.
Known as The Shore, Titijaya said in a statement the project will be developed as the new waterfront premium class hub, with luxurious mixed-use units docked within a prime waterfront enclave.