SHANGHAI: InterContinental Hotels Group (IHG) has signed 12 contracts for its new China hotel brand with the first opening of the new brand expected in late 2012 or early 2013, its China head said on Tuesday, Oct 18.

SHANGHAI/HONG KONG: China Overseas Land & Investment Ltd, the country's property developer by market value, posted a 46.8% rise in nine-month operating profit, but said it is concerned about the impact of tightening measures on the industry.

BEIJING: Average housing inflation in 70 major Chinese cities dipped to 3.5% in September from a year earlier, down from August's 4.1%, according to Reuters calculations using official data published on Tuesday, Oct 18.

HONG KONG: Property group New World Development Co Ltd and its unit New World China Land Ltd plan to raise up to a total of US$2.15 billion (RM6.71 billion) via rights issues to fund development and investment of property projects and for working capital.

KUALA LUMPUR: Nadayu Properties Bhd, a medium-sized property developer, aims to achieve sales of at least RM300 million next year, on the back of its upcoming property launches in the Klang Valley, Selangor and Penang, said executive chairman Hamidon Abdullah.

GEORGE TOWN: The Penang government has decided to go back on a land reclamation deal with Boustead Holdings Bhd, which was part of a compensation mechanism for the latter, after it scaled down its Royale Bintang Hotel project in the heritage core zone.

Penang Chief Minister Lim Guan Eng said the state government will discuss the issue with Boustead to avoid a legal recourse.

JITRA: The Kubang Pasu District Council (MDKP) is expected to charge 500 owners of houses, business and factory premises in court for failing to pay quit rent.

Its Enforcement Division Head Zakariya Ahmad said more than 3,000 premises with arrears of more than RM1,000 have also been identified.

GEORGE TOWN: The Second Penang Bridge which is 65% completed, is expected to be ready earlier than November 2013, the deadline.

Works Minister Datuk Seri Shaziman Abu Mansor said with the earnest effort put in by the contractor, he was confident the project would be ready two months earlier than scheduled.

KUALA LUMPUR: Taman Tun Dr Ismail (TTDI) here will be the pioneer area for the Safe City Programme with the security system there to be upgraded in an effort to reduce crime by 50%.

KUALA LUMPUR: The Selangor State Development Corporation (PKNS) plans to set up several more of its "Virtual Office (Vio) by PKNS" business centres in the Klang Valley area following the encouraging response for the first Vio branch in Shah Alam.