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Japan Properst says filed for bankruptcy protection

TOKYO: Japanese real estate developer Properst Co said on Friday, May 14, it had filed for bankruptcy protection with ¥55.4 billion (RM1.9 billion) in debt after a drastic restructuring failed to offset weak condominium sales.

The announcement came as Japan's property market starts to recover after a prolonged slump in prices and demand in the wake of the global financial crisis.

Shanghai steps up land sale to curb property prices

SHANGHAI: The Shanghai municipal government is putting up nearly 40 lots of land for sale in a week, the city's most extensive land sale ever, as it moves to curb housing prices by increasing available supply, the China Securities Journal said on Friday, May 14.

China Merchants Property to scrap share sale plans

SHANGHAI: China Merchants Property Development Co said on Thursday, May 13, it would scrap its four billion yuan (RM1.87 billion) share placement plan due to a slump in its stock price triggered by government tightening.

Dubai repays US$980 m Nakheel bond on schedule

DUBAI: Dubai repaid a US$980 million (RM3.14 billion) Islamic bond issued by developer Nakheel while another state-owned firm said it was confident of refinancing an upcoming loan as it digs out from a massive debt burden.

#Update* BNM raises OPR by 25bps to 2.5%

KUALA LUMPUR: Bank Negara Malaysia decided to raise the Overnight Policy Rate (OPR) by 25 basis points to 2.50% at the Monetary Policy Committee (MPC) meeting on Thursday, May 13.

The central bank said the floor and ceiling rates of the corridor for the OPR are correspondingly raised to 2.25% and 2.75% respectively.

Federal, Sarawak government to finalise mechanism on NCR issue

SIBU: The federal government, with the collaboration of the Sarawak government, is in the process of finalising a mechanism on how to solve the issue of native customary rights (NCR) land in the state, Plantation
Industries and Commodities Minister Tan Sri Bernard Dompok said on May 13.