KUALA LUMPUR: The Malaysian Chinese Association (MCA) has closed the deal on the Menara Multi Purpose for RM375 million, just in time to celebrate the purchase with its delegates at its AGM this weekend.

S P Setia Bhd (Sept 26, RM3.10)

WASHINGTON: Sales of new homes in the US fell 2.3% in August. According to the National Association of Home Builders (NAHB), entry-level homes are driving the new-home market.

"The price data shows entry-level homes are generally driving the new-home market right now, and that's because first-time buyers don't have another home they have to sell," said NAHB chairman Bob Nielsen.

Like many of her peers, Rachel, 18, is excited yet nervous as she embarks on the adventure of a lifetime this week; starting university.

As she leaves home and moves into student accommodation in her university town two hours away, she will experience her first taste of adult life, and will have to deal with responsibilities such as paying the rent on time.

HONG KONG: New mortgage loans drawn down in Hong Kong totalled HK$14.7 billion (RM6.03 billion) in August, down 27% from a month earlier, Hong Kong Monetary Authority (HKMA) data showed.

The value of new mortgage loans approved in August declined 10.3% from the previous month to HK$15.8 billion, the HKMA said.

HONG KONG: Blackstone Group LP is selling its stake in Shanghai's Channel 1 shopping mall to Hong Kong's New World Development Co for 1.46 billion yuan (RM726 million), marking its first exit from a real estate investment in China, a source familiar with the matter said.

KUALA LUMPUR: A majority of the developers expect property prices to rise by a further 20%. However, the price increment is not so much because of strong demand but the rising cost of building materials.

PETALING JAYA: When Sime Darby Bhd acquired a 30% stake in Penang-based Eastern & Oriental Bhd, it was just the latest in a series of acquisitions led by government-linked companies (GLCs) in private sector property developers.

KUALA LUMPUR: Bukit Kiara Properties Sdn Bhd (BKP) group chairman Datuk Alan Tong Kok Mau was conferred the National Real Estate Leadership Award from the Malaysian Institute of Estate Agents (MIEA) for his contribution to the local property scene.

KUALA LUMPUR: Property stocks have been among the hardest hit from the recent sell-off in equities, reflecting a waning optimism in the sector.

The KL Stock Exchange Property Index, which serves as a benchmark for the sector, fell to its lowest point since July 2010 last Friday. It closed at 833.8 points, a stunning week-on-week loss of 13%.