BANGKOK: Bangkok-based hotel investment company Red Planet Hotels plans to expand into the Chinabudget hotel market with its partner Tune Hotels.

Positive forecasts of continued rapid growth in tourist and business travel on the mainland will see the partners building budget hotels in second-tier cities, Red Planet chief executive Tim Hansing said.

KUALA LUMPUR: Following its proposed acquisition of property development company Hardie Development Sdn Bhd (HDSB), Permaju Industries Bhd has proposed to diversify into property development.

KUALA LUMPUR: AXIS Real Estate Investment Trust (AXIS REIT) almost doubled its earnings per unit (EPU) to 7.6 sen for the third quarter (3Q) ended Sept 30, 2010, from 3.83 sen a year ago.

KUALA LUMPUR: WCT Bhd has secured two separate projects from the Qatar and Malaysian governments collectively worth about RM1.49 billion.

KUALA LUMPUR: The government has been urged to curb house price speculation to protect the interest of those in the low and medium-income group, some of whom have been saving up for years but are unable to afford a home.

KUALA LUMPUR: The Selangor Executive Council has agreed to implement the Integrated Corporate Integrity System in the management and administration of the Selangor State Development Corporation (PKNS).

KUALA LUMPUR: The Federal Territories and Urban Well-being Ministry is simplifying the process of buying houses from existing
Public Housing (PA) and People's Housing Projects (PPR) to allow low income earners to own homes.

MELAKA:  Kerjaya Hotel Sdn Bhd plans to invest RM400 million to build a four-star 32-storey hotel, the tallest in Melaka, together
with three blocks of serviced apartments.

Melaka Chief Minister Datuk Seri Mohd Ali Rustam, in announcing the project, said the hotel will be developed on a 3.645-hectare site and is expected to be completed in 2014.

SIBU (Sarawak): HDC-Amcorp JV Sdn Bhd, the developer of Sibu Jaya township, has shifted focus from low-cost to medium and high-end housing, under a revised masterplan.

Amcorp Properties Bhd senior manager, Sia Yiik Jai, said the company has re-submitted its masterplan for the remaining 300 hectares of the 570ha township, which was approved by the Sarawak Planning Authority in 2006.

KUALA LUMPUR: Permodalan Nasional Bhd (PNB), which will be developing the RM5 billion Warisan Merdeka landmark, says it is
well-positioned to finance the integrated development project from its own internallygenerated funds.