BEIJING: Wal-Mart plans to add 10 million sq ft of retail space in China this year, reported China Daily.

The announcement was made by Scott Price, chief executive officer of Wal-Mart Asia at the Global Summit of Women 2010 held in Beijing from May 20 to 22.

“This is a huge expansion of Wal-Mart in China,” said Price.

KUALA LUMPUR: Main board-listed Eastern & Oriental Bhd (E&O) announced a robust net profit of RM75 million and recorded a strong income growth of 67% for its financial year ended March 31, 2010.

E&O’s latest financial results reflect the company’s remarkable turnaround through deliberate measures in the past 12 months.

KUALA LUMPUR: UOA Real Estate Investment Trust (REIT) recorded lower net profit of RM6.716 million in its 1Q ended March 31, 2010, a drop of 10.42% from RM7.498 million in the same period last year.

Its revenue eased 6.53% to RM10.715 million in the quarter under review against RM11.464 million in the same quarter last year.

KUALA LUMPUR: The government should also consider removing subsidies on non-consumer items, according to a property developer.

BATU GAJAH: A local housing developer, Muda Awam Sdn Bhd (MASB), is investing RM20 million to redevelop the abandoned Medan Bemban Mesra mixed housing project involving residential and commercial units.

MASB Executive Director G S Yeoh said his company has taken the initiative to rehabilitate the project after the original developer ran into financial problems.

JITRA: The land control policy of the Kedah government gives priority to the building of affordable or low-cost houses, which are in high demand from the public.

Menteri Besar Datuk Seri Azizan Abdul Razak said the policy was implemented to ensure families from every level of society could afford to own a house.

PORT DICKSON: The KL Metro Group is developing a property project, "The Hibiscus Garden Chalets" in Tanjung Gemok near here.

The company's Chairman, Datuk Mat Hassan Esa, said the project, presently under construction, would offer 74 units of resort homes with their completion due in 14 months or July next year.

KUALA LUMPUR: Ireka Corp Bhd recorded a lower net profit of RM820,000 in its 4Q ended March 31, 2010, 79.29% lower compared with RM3.96 million in the same period last year, mainly due to the share loss of its associate company in Vietnam, Aseana Properties Ltd.

SHANGHAI: With some real estate developers unwilling to slash prices amid an uncertain local market, new homes transaction in Shanghai may fall 70% in May from a month earlier, reported Shanghai Daily.

LONDON: Asia is leading the recovery in the retail market with few markets seeing any significant rental declines, with the majority either stabilising or posting modest growth in 1Q2010, according to CB Richard Ellis (CBRE)’s latest Global MarketView report on the retail sector.