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Real estate price plunge makes US homeownership perilous path

BOSTON: Kajal and Vishal Dharod paid US$559,000 (RM1.92 million) in 2006 for a new 4-bedroom house built in Rancho Cucamonga, California. Today, it’s worth about US$360,000.

“We don’t know how we can come back from a loss like that,” said Kajal Dharod, 29, a first-time homeowner with a US$4,200-a-month mortgage. “Buying the house was a mistake.”

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Penang property sector improving

GEORGE TOWN: The property sector in Penang has seen an improvement in the second quarter of 2009 compared to the sluggish 2008 in the aftermath of the global economic meltdown.

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Sunrise 1Q net profit up 24% to RM37.3m

KUALA LUMPUR: Sunrise Bhd's net profit rose 24% to RM37.3 million from RM30.2 million a year ago as earnings were sustained by progress billings for its ongoing developments. The company said today that pre-tax profit rose 17% to RM50.2 million from RM42.8 million while revenue was RM190.3 million compared with RM198.2 million a year ago.

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Changes in boardroom for The Nomad Group

KUALA LUMPUR: The Nomad Group Bhd director and CEO Hew Thin Chay has retired effective Oct 31, 2009. Hew joined the board in 2002 and was later appointed CEO in November the same year. An accountant by profession, Hew has over 30 years experience in both private and public sectors.

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