KUALA LUMPUR: Prime Minister Datuk Seri Najib Tun Razak announced that MCA's secretary-general Datuk Seri Kong Cho Ha will be replacing former MCA president Datuk Seri Ong Tee Keat as the Transport Minister in a cabinet reshuffle on Tuesday, June 1.

Kong's post as the Housing and Local Government Minister will be taken over by Datuk Wira Chor Chee Heung.

SHANGHAI: China's introduction of the recent real estate control regulations and policies, will not affect Malaysian conglomerate, Hong Leong Group's property investment projects in China.

KUALA LUMPUR: The long overdue opening of a ramp road leading to the Penchala Link near Mont’Kiara and Desa Sri Hartamas in Kuala Lumpur will finally open this Thursday June 3.

SHANGHAI: China's soaring house prices are like an "enemy within", the spokesman for the country's small businesses said, calling for Beijing to intensify its crackdown on the "evil housing industry".

BEIJING: China is preparing to levy a general tax on commercial property on a trial basis in two central provinces, the official China Securities Journal reported on Tuesday, June 1.

KUALA LUMPUR: In mid-May, Bank Negara Malaysia (BNM) revised its key Overnight Policy Rate (OPR) by another 25 basis points, following a rate hike by the same quantum earlier this year.

Another Win
THE BUZZ

Yesterday Sunway announced on Bursa that it has been awarded a RM209.6m contract from SunCity (NR). The job involves the earthworks, pilling and main building works for a  proposed mixed development by SunCity in Kuala Lumpur.

Eastern & Oriental
FY10 above expectations

LONDON: British property investors who managed to hang on to their assets during the worst credit crunch and economic slump in a generation are about to be dealt another blow by the country’s new government.

KUALA LUMPUR: The Malaysia Building Society Bhd (MBSB)’s pre-tax profit for 1Q2010 rose 341% to RM43 million from RM9.7 million in the same quarter last year.

Over the same period, MBSB Group also recorded an increased net profit of RM43 million from RM6 million for the same period last year.