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Australian housing recovery builds rate rise case

SYDNEY: Australian housing and construction data on Oct 7 added to evidence of economic recovery that spurred the central bank to raise interest rates on Oct 6 and is expected to bring more tightening in months ahead.

US to house detained migrants in converted hotels

PHOENIX: The US, criticised for holding illegal immigrants in overcrowded and poorly run jails, on Oct 6 announced plans to convert hotels to detain some non-criminal immigrants.

Homeland Security Secretary Janet Napolitano said illegal immigrants ranging from criminals to newly arrived asylum seekers would be held in different facilities according to the risk they pose.

Retail industry to see 1% to 3% growth

KUALA LUMPUR: The retail industry in Malaysia is expected to see a marginal growth of between one and three per cent by year-end as consumers continue to spend despite sluggish economic conditions.

Pantech Group Holdings buys more industrial land from Johor Corp

KUALA LUMPUR: Pantech Group Holdings Bhd is buying more industrial land from Johor Corp Bhd for RM12.85 million.

In a filing to Bursa Malaysia on Oct 6, its wholly-owned subsidiary, Pantech Corp Sdn Bhd, has entered into a new sale and purchase agreement for an amalgamated leasehold lot known as PLO 809, measuring 20.66 acres, in the Pasir Gudang Industrial Area.

Dubai ready to shine again

PETALING JAYA: Dubai is ready to regain its competitiveness in the real estate industry amid a landscape of cautious investors and developers, said Cityscape Dubai managing director Rohan Marwaha.

Hong Kong September luxury home deals almost triple from August

HONG KONG: Luxury home registrations here almost tripled in value in September from a month earlier, according to Land Registry figures released on Oct 5.

The listing of residential units worth more than HK$10 million ($4.48 million) rose to 1,351 from 500 in August, the government said on its website.

US apartment vacancies hit 23-year high of 7.8%

SEATTLE: US apartment vacancies rose to 7.8% in 3%, the highest since 1986, as rising unemployment reduced rental demand, Reis Inc said.

Actual rents paid by tenants, known as effective rents, declined 2.7% from a year earlier, the New York-based property research firm said in a report on Oct 6. Asking rents, or what landlords sought, fell 1.8% from a year earlier.