China to test property tax in two provinces, says paper
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.
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Property price increases to moderate as higher BLR kicks in
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.
Sunway Holdings (OSK Research) buy; target price RM2.22
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 (Kenanga Research) trading buy; RM1.26
Eastern & Oriental
FY10 above expectations
UK property hit by tax hike, mortgage drought
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.
MBSB's pre-tax profit up 341% for 1Q2010
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.
Ho Hup Construction records net loss of RM3.92 mil
KUALA LUMPUR: Ho Hup Construction Bhd recorded a net loss of RM3.92 million in its 1Q ended March 31, 2010, down by 29.22% from RM5.55 million posted in the same quarter last year.
Its revenue for the quarter under review eased by 55.15% to RM5.68 million from RM12.66 million in the same quarter previously.
Wal-Mart to expand in China
BEIJING: Wal-Mart plans to add 10 million sq ft of retail space in China this year, reported China Daily.
The announcement was made by Scott Price, chief executive officer of Wal-Mart Asia at the Global Summit of Women 2010 held in Beijing from May 20 to 22.
“This is a huge expansion of Wal-Mart in China,” said Price.
E&O records 67% income growth
KUALA LUMPUR: Main board-listed Eastern & Oriental Bhd (E&O) announced a robust net profit of RM75 million and recorded a strong income growth of 67% for its financial year ended March 31, 2010.
E&O’s latest financial results reflect the company’s remarkable turnaround through deliberate measures in the past 12 months.
UOA REIT’s net profit eases 10.42% in 1Q2010
KUALA LUMPUR: UOA Real Estate Investment Trust (REIT) recorded lower net profit of RM6.716 million in its 1Q ended March 31, 2010, a drop of 10.42% from RM7.498 million in the same period last year.
Its revenue eased 6.53% to RM10.715 million in the quarter under review against RM11.464 million in the same quarter last year.
