HONG KONG: Hong Kong’s home market will be a “good bet” because of a shortage of new housing units, Hang Lung Properties Ltd. Chairman Ronnie Chan said.

Chan said in a Bloomberg Television interview today that he’s “positive” about the city’s luxury housing market because demand will be supported by wealthy mainland Chinese.

IPOH: The Perak government has decided to blacklist the contractor involved in building the ill-fated suspension bridge which collapsed, killing three primary school pupils who attended a 1 Malaysia Camp at the education department’s co-curriculum centre in Kuala Dipang, Kampar in October.

KOTA KINABALU: Metrojaya Bhd, a leading homegrown retailer, opened its first department store in the heart of Kota Kinabalu at the Suria Sabah Shopping Mall here today.

Kota Kinabalu mayor Datuk Iliyas Ibrahim said the opening of Metrojaya in Kota Kinabalu was timely as it has been one of the fastest growing cities in this region.

HONG KONG: Hong Kong should step up tightening of bank lending to ease asset price inflation, the IMF said on Thursday, as the city's surging property prices have raised the risk of an asset bubble.

KUALA LUMPUR: The announcements on Dubai World’s debt restructuring and the Vietnamese dong’s devaluation hit world markets late last week. Malaysia was not spared, with some construction companies, perceivably with the most direct exposure, falling -9.2% since last Wednesday (compared to a -0.1% fall in the KLCI).

NEW YORK: A recovery of the US hotel industry isn’t likely until 2011 because room rates remain low and commercial real estate values have plunged, Fitch Ratings said.

MADRID: Home prices in Spain must fall 27% more before values become attractive and the glut of 1.5 million residences begins to be absorbed, according to Aguirre Newman, a Madrid-based property consultant.

KUALA LUMPUR: WCT Bhd has been awarded a works contract under the proposed development of the new low cost carrier terminal (LCCT) and associated works at the KL International Airport in Sepang, Selangor. The contract with a value of RM363 million was awarded by Malaysia Airports Holdings Bhd.

KUALA LUMPUR: Works Minister Datuk Shaziman Abu Mansor reiterated on Dec 2 that it is the Cabinet that will decide whether to declassify the Bukit Antarabangsa landslide report.