PUTRAJAYA: After a two-year legal battle, Bukit Gasing residents can finally go ahead and challenge a development order issued by the Kuala Lumpur mayor approving a controversial hillslope project in their area.

SHANGHAI: China Overseas Land & Investment Ltd, together with ICBC International Investment Management Ltd, will set up a fund of US$250 million to US$500 million (RM826.2 million to RM1.65 billion) for real estate investments and property development projects in China, Hexun.com reported.

SHANGHAI: Shanghai Zhong Baoxin Investment Co Ltd which is involved in property development, will soon become a wholly-owned subsidiary of China Life Investment Holding Company Ltd, according to the National Business Daily.

• 1Q10 net profit of RM38m was broadly in-line, making-up 19% of street’s FY10E net profit of RM198m and 18% of our estimate of RM208m. Typically, SP Setia (SP) 1Qs and 1Hs are seasonally weaker while 2H makes up 53%-55% of full year net profit.

SHANGHAI: M Square Mall in Shanghai’s Yuyuan Garden business area is scheduled for opening before the World Expo 2010 Shanghai on May 1, hexun.com reported.

Below expectation

1QFY10 results came in below expectations. Net profit only achieved 18.9% and 19.3% of house and consensus full year estimates due to seasonally slower construction progress in 1QFY10, and lower thanmexpected margin. As expected, no dividends were declared for the quarter.

KUALA LUMPUR: Malaysian builder Sunway Holdings expects record profits in fiscal 2010 as it plans to tender for jobs worth up to RM16 billion (US$4.84 billion) globally, a top executive was quoted saying by Reuters.

NEW YORK: The number of slum dwellers has increased by 55 million in the last 10 years to a total of 827.6 million this year, according to UN-Habitat's annual report.

KUALA LUMPUR: JAKS Resources Bhd will take the lead in the joint venture in completing the Paya Peda Dam in Besut, Terengganu for a contract sum of RM333 million.