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Magna Prima files report against ex-CEO

KUALA LUMPUR: Magna Prima Bhd has lodged a police report against its former CEO Lim Ching Choy for alleged criminal breach of trust.

The property developer said on May 10 Lim was alleged to have made fraudulent personal claims during his tenure with the company between Nov 1, 2006 and May 14, 2009.

China property prices rise at record pace, seen easing

BEIJING: Property prices in China's major cities rose by their fastest clip on record in April, but analysts said the government's latest crackdown on speculation could slow further gains in coming months.

SPNB completes 77 stalled projects to date

SEREMBAN: Syarikat Perumahan Negara Bhd (SPNB) has so far revived and completed 77 stalled projects involving 24,326 housing units nationwide.

The development cost totalled RM480 million, Chairman Datuk Idris Haron told reporters after the handing over of keys to owners whose houses in the abandoned Taman Pelangi scheme had been completed here on May 11.

HK auctions residential land after housing measures

HONG KONG: Hong Kong received an opening bid of HK$2.876 billion (RM1.19 billion) in an auction for a residential site on Tuesday, May 11, the first land sale since the government moved to crack down on speculation in the housing market.

Franklin Templeton Real Estate Advisors hires Joyce Shapiro as MD for real assets

NEW YORK: Franklin Templeton Real Estate Advisors (FTREA) on May 11 announced that it has hired Joyce T Shapiro to head a newly established business team dedicated to real asset multi-manager investment strategies, expanding the group’s capabilities to include infrastructure, energy, water, agriculture and timber.

Sarawak builder Ibraco is now PN17 firm

KUALA LUMPUR: Ibraco Bhd has been categorised as Practice Note 17 (PN17) company as the property developer’s revenue is less than 5% of its paid-up capital of RM99.5 million.

The Sarawak-based company’s revenue for the financial year ended Dec 31, 2009 (FY2009) slid almost 95% to barely RM3.5 million from RM66.5 million in FY2008.

South Korea April mortgage loan growth accelerates

SEOUL: South Korean banks' mortgage lending to households in April grew slightly faster, while overall household loans rose at a slower pace than the previous month, central bank data showed on Tuesday, May 11.