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Sunway jumps to highest in 2 years on REIT plan

KUALA LUMPUR: Sunway City Bhd (SunCity) jumped six sen or 1.62% to close at RM3.76 yesterday on the company’s real estate investment trust (REIT) plan, which received positive response from analysts.

The counter rose to an intra-day high of RM3.82, its highest level in two years.

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61sen one-off gain, special dividends from SREIT listing

Sunway City

Unveiling hidden treasures. The injection of RM3.5b assets into the proposed Sunway REIT (SREIT) is expected to provide a one-off gain of 61sen/sh and upstream RM1.17b (RM2.49/sh) in net cash to SCity.

With expected net cash of RM1.00/sh post-SREIT listing, SCity may pay special net dividends of 30-35sen/sh and save the rest for growth.

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Ireka bags RM36m job in Iskandar M’sia

KUALA LUMPUR: Ireka Corp Bhd’s unit has secured a RM36.23 million contract to build an interchange for the proposed Bandar Indahpura, Kulai-Second Link Expressway in Iskandar Malaysia. The news lifted Ireka’s share price to 84.5 sen, up 6.3% or five sen yesterday.

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Shanghai plans tax to slow down home prices

HONG KONG: Shanghai may step up efforts to rein in surging property prices by taxing investors who own more than one flat.

The tax is likely to target investors who owned several luxury homes that they have either leased or left vacant to bet on capital appreciation, analysts say.

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