HONG KONG/SINGAPORE: Bank of America (BofA) has decided to hold on to, and raise new money for Merrill Lynch's Asia property fund business, which the US bank had planned to sell during the financial crisis, partly because of a rapid recovery in Asia's property market, sources said.

BEIJING: Sales of new apartments and existing homes in Beijing fell some 70% in the first three weeks of January from a month earlier, the local Beijing News reported on Jan 27.

HONG KONG: Keppel Corp, the world’s largest oil-rig maker, said fourth-quarter profit climbed 30% as higher sales at a property unit offset slumping demand for rigs.

Net income climbed to S$343 million (RM835.1 million) from S$263 million a year earlier, the company said on Jan 26 in a statement to the Singapore stock exchange. Sales dropped 19% to S$3.03 billion.

KUALA LUMPUR: Bank Negara Malaysia (BNM) yesterday hinted of a sooner-than-expected interest rate hike after keeping the country’s overnight policy rate (OPR) unchanged at 2% at its first monetary policy committee (MPC) meeting for the year.

“Moving forward, monetary policy would remain accommodative to ensure that the economic recovery is well entrenched.

KUALA LUMPUR: OSK Investment Research sees the tie up between Sime Darby Property and Sunrise Bhd as a brilliant strategic move.

KUALA LUMPUR: The Selangor state government has identified Serendah, Subang, Klang Valley 2 and I-City Shah Alam to be its new industrial hubs.

Menteri Besar Tan Sri Abdul Khalid Ibrahim, said the surrounding areas of the Sultan Salahuddin Abdul Aziz Shah Airport in Subang would be developed for aerospace industry and Serendah in Kuala Selangor for the automotive sector.

PUTRAJAYA: Malaysia is committed to adopting renewable energy and green technology to become a leading nation in the 21st century, said Datuk Seri Najib Tun Razak.

The prime minister said the government realised that in the 21st century renewable energy and sustainable energy as well as green technology would be the core of economic growth for all countries.

KUALA LUMPUR: it will take a while for the high-end high-rise residential market in the KLCC area in Kuala Lumpur to regain its former “glory”, says Henry Butcher Malaysia.

KUALA LUMPUR: The next few years will be tough for the Kuala Lumpur office property market. Vacancy rates are expected to rise in the next two years while rentals ease by 10% to 15%, says Sarkunan Subramaniam, executive director of Knight Frank Ooi & Zaharin Sdn Bhd.