DUBAI: The United Arab Emirates (UAE) is taking nascent steps to raise income from wealthy residents accustomed to tax-free living as it tries to recover from last year's burst of the real estate and asset bubble.

INTERFERING with the market is something unorthodox in Hong Kong, but there are times when tough action has to be taken in order to rescue it. The government's heavy-handed intervention in the stock market in 1998 to fight back international speculators was a case in point.

KUALA LUMPUR: Permaju Industries had on Sept 6 entered into another supplemental sale and purchase agreement (SPA) with Hardie Development Sdn Bhd (HDSB) to revise some of the terms under an earlier SPA dated March 5, Permaju announced on Bursa Malaysia on Tuesday, Sept 7.

KUALA LUMPUR: Seal Incorporated Bhd, via its subsidiary Seal Lifestyle Development Sdn Bhd (SLD), has on principle accepted the proposed master lease from Aeon Co (M) Bhd to lease out the yet-to-be-built Aeon Shopping Complex in Bayan City Penang, it announced on Bursa Malaysia on Tuesday, Sept 7.

KUALA LUMPUR: Plenitude Bhd has proposed a first and final single tier tax exempt dividend of 15% (15 sen per share) for the financial year ended June 30, 2010, it announced on Bursa Malaysia on Tuesday, Sept 7.

The dates of entitled and payment of the dividends, which are subject to the approval of shareholders at the forthcoming AGM, will be announced later.

KUALA LUMPUR: Plenitude Bhd has proposed a bonus issue of 135 million fully paid-up new shares of RM1 each on the basis of one bonus share for every existing share held in Plenitude, it announced on Bursa Malaysia on Tuesday, Sept 7.

The exercise will effectively double its share capital and lower its net assets per share to RM2.42.

KUALA LUMPUR: Zephyr Point, an upscale boutique development in Lorong Basong, Damansara Heights by Urban Hallmark Properties (UHP) is expected to be launched next month, said UHP's director Datuk Jeffrey Ng.

Ng added that Zephyr Point is almost complete and is now awaiting the issuance of its certificate of fitness (CF).

Sales volumes picking up
Keeping sector a NEUTRAL. Last week, housing sales saw improvements in most major cities with sales volume in 19 cities rising 6.9% wow or 46% as compared with the trough in May. Judging from developers’ presales schedules, we believe that sales will stay at high levels in the coming months.

SHANGHAI: The momentum of home buying has continued to rebound in Shanghai last week amidst diminishing effects from the central government's tightening policies.