TOKYO: Japanese real estate developer Properst Co said on Friday, May 14, it had filed for bankruptcy protection with ¥55.4 billion (RM1.9 billion) in debt after a drastic restructuring failed to offset weak condominium sales.

The announcement came as Japan's property market starts to recover after a prolonged slump in prices and demand in the wake of the global financial crisis.

SHANGHAI: The Shanghai municipal government is putting up nearly 40 lots of land for sale in a week, the city's most extensive land sale ever, as it moves to curb housing prices by increasing available supply, the China Securities Journal said on Friday, May 14.

SHANGHAI: China Merchants Property Development Co said on Thursday, May 13, it would scrap its four billion yuan (RM1.87 billion) share placement plan due to a slump in its stock price triggered by government tightening.

DUBAI: Dubai repaid a US$980 million (RM3.14 billion) Islamic bond issued by developer Nakheel while another state-owned firm said it was confident of refinancing an upcoming loan as it digs out from a massive debt burden.

KUALA LUMPUR: Bank Negara Malaysia decided to raise the Overnight Policy Rate (OPR) by 25 basis points to 2.50% at the Monetary Policy Committee (MPC) meeting on Thursday, May 13.

The central bank said the floor and ceiling rates of the corridor for the OPR are correspondingly raised to 2.25% and 2.75% respectively.

SIBU: The federal government, with the collaboration of the Sarawak government, is in the process of finalising a mechanism on how to solve the issue of native customary rights (NCR) land in the state, Plantation
Industries and Commodities Minister Tan Sri Bernard Dompok said on May 13.

KUALA LUMPUR: Bank Negara Malaysia decided to raise the Overnight Policy Rate (OPR) by 25 basis points to 2.50% at the Monetary Policy Committee (MPC) meeting on Thursday, May 13.

The central bank said the floor and ceiling rates of the corridor for the OPR are correspondingly raised to 2.25% and 2.75% respectively.

KUALA LUMPUR: Sunrise Bhd’s net profit for its third quarter ended March 31, 2010 dipped 23% to RM23.5 million from RM30.6 million recorded in the same period the previous year on lower revenue.

KUALA LUMPUR: Twenty-four cases of cheating in land deals in the federal capital to the tune of RM48.5 million were detected between 2001 and now, involving individual and company owners, Federal Territory Lands and Mines Director Hasim Ismail said today.

KUALA LUMPUR: Sime Darby Bhd president and group chief executive Datuk Seri Ahmad Zubir Murshid has been asked to take leave of absence ahead of his contract expiring on Nov 26 following huge losses in its energy and utilities divisions.

Sime Darby said on on Thursday, May 13 that it estimates a negative impact of RM964 million in 2HFY10 from losses in the divisions.