PHUKET: Rising tourism arrivals in Phuket, Thailand is auguring well for its hospitality sector as the first half (1H) of 2011 saw a surge in Phuket’s average occupancy across all hotel tiers to 73%, according to C9 Hotelworks’ Phuket Hotel Market Update.“Key market metric revpar (revenue per available room) moved up to its highest level since the global financial crisis in 2008,” said C9 Hotel

KUALA LUMPUR: Terengganu-based construction outfit Ahmad Zaki Resources Bhd (AZRB) has reached financial close with Bank Pembangunan Malaysia Bhd for the RM1.5 billion KL Outer Ring Road (KLORR) project, industry sources say.

MUMBAI: Capital values on Pune, India residential market is expected to appreciate by another 3% to 4% by end of the year. following an appreciation of 4% to 6% in 1H2011, according to Jones Lang LaSalle India's (JLL India) latest Pune Residential Property Market Update.

PETALING JAYA: Bandar Sri Damansara developer Land & General Bhd (L&G) plans to step up the development of its remaining 67 acres (26.8ha) of land in the prime township. The first of these projects will be a RM1.5 billion high-rise residential development on a 42-acre site to be launched by the end of this year, according to its managing director Low Gay Teck.

HONG KONG: Shares of China Overseas Land & Investment Ltd , the country's largest property developer by market value, rose sharply in early trade on Wednesday, Aug 10 after posting a 35% rise in first-half net profit.

BEIJING: China will not raise interest rates soon amid global market turbulence, but the People's Bank of China could still take tightening steps later, the official China Securities Journal said in a front-page editorial.

DUBLIN: Bank of Ireland's pre-provision profit shrank two thirds in the first half on the back of steep funding costs, underlining the challenge facing the country's largest lender despite its fresh investor base and falling impairment charge.

HONG KONG: China Vanke Co Ltd, the country's largest property developer by sales, has no immediate plans for equity financing, its president Yu Liang said on Wednesday, Aug 10.

Yu was speaking during a news conference in Hong Kong, days after the company reported a 5.9% rise in first-half net profit. — Reuters

HONG KONG: United States-based real estate investment trust Taubman Centers is investing about US$24 million (RM72 million) to acquire a 90% controlling interest in Beijing-based retail property firm TCBL Consulting.

Taubman said the deal equated to around 153 million yuan (RM71.54 million) and was expected to be closed by October, subject to government approval and registration.

HONG KONG: Investment demand for Hong Kong property will slow as a result of the current turmoil on global asset markets, but a mass exodus from the market is not on the cards, say analysts and estate agents.