CHONGQING: A pilot programme to levy property taxes, the first of its kind in China, is helping cool price rises in Chongqing and will eventually be extended to the rest of the country, the mayor of the country's biggest municipality told Reuters.

PERMODALAN Nasional Bhd's (PNB) proposed takeover of S P Setia Bhd has raised eyebrows and potentially marks the ebb of entrepreneurial-driven property firms.

S P Setia Bhd has come a long way since its founding in 1974 and it was not always smooth sailing for its captain Tan Sri Liew Kee Sin.

Property sector

KUALA LUMPUR: Stretch film producer and property developer Scientex Bhd posted net profit of RM20.77 million in the fourth quarter ended July 31, 2011, up 16.5% from RM17.83 million a year ago.

It said on Wednesday, Sept 28 that revenue rose 7.1% to RM205.20 million from RM191.68 million. Earnings per share were 9.66 sen compared with 8.28 sen.

KUALA LUMPUR: Axis-REIT Managers Bhd (ARMB) expects the proposed acquisition of RM59 million logistics industrial facility in Seberang Perai will increase its fund assets under management to over RM1.33 billion.

ARMB is the manager of Axis Real Estate Investment Trust (Axis-REIT).

SHAH ALAM: State Housing, Building Management and Squatters Committee chairman Iskandar Abdul Samad said 12,009 low-cost houses are under construction in Selangor.

"Some 9,465 low-cost houses have been approved for construction and must be completed in two years," he told reporters after the State Executive Council (Exco) meeting here on Wednesday, Sept 28.

PETALING JAYA: Property developer Glomac Bhd is keen to participate in government land privatisation and aggressively looking for landbanks especially within the Greater KL area.

KUALA LUMPUR: Axis REIT Managers Bhd is acquiring two pieces of industrial land near Bukit Mertajam, Penang for RM59 million from  Apex Properties Sdn Bhd.

SHANGHAI: SOHO China will be "actively buying" property over the next six months because it expects government measures to control soaring real estate prices to end within that period, its chief executive said on Wednesday, Sept 28.

Zhang Xin told a gathering of foreign correspondents in Shanghai that it was a good time to make acquisitions now.

HONG KONG: Jo Gray and business partner Jeff Ovens, both from Britain, are unfazed by slowing sales in Hong Kong's housing market and the continuing turmoil in global financial markets.