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LBS Bina to dispose of 20% stake in JVcos for RM93m

KUALA LUMPUR: LBS Bina Group Bhd, via two of its Hong Kong-based units, have signed a letter of intent (LOI) with Zhuhai Special Economic Zone Long Yi Enterprises Company to dispose of their respective 10% stakes in two joint-venture (JV) companies for 200 million yuan (RM93.3 million)

Hunza Properties Q1 net profit surges 273% to RM34.69m

KUALA LUMPUR: Hunza Properties Bhd net profit for the first quarter (1Q) ended Sept 30, 2010 surged 273% to RM34.69 million from RM12.69 million a year ago, on the back of a 13% increase in revenue to RM64.53 million.


Earnings per share was 18.39 sen while net assets per share was RM2.36.

Sunway inks MoU to explore mixed development project in China

KUALA LUMPUR: Sunway Holdings Bhd has entered into a memorandum of understand (MoU) with Shanghai Zhushengyuan Real Estate Co Ltd (SZRE) to explore the feasibility of a number of projects including a mixed development in Wuguang New City in Wuguangxincheng, Changsha in China.

Retail industry forecasts double-digit growth

PETALING JAYA: The retail industry is expecting a market growth of 10% to 15% when the import duty abolishment on 300 tourism-related products proposed in Budget 2011 is implemented.

Budget 2011 was tabled by Prime Minister Datuk Seri Najib Razak last Friday, Oct 15.

Aberdeen to wind down Degi Europa property fund

FRANKFURT: Aberdeen Asset Management's German real estate unit is to liquidate the €1.3 billion (RM5.63 billion) Degi Europa open fund it froze two years ago to prevent a glut of asset sales.

Americans willing to spend most on hotel stay abroad

SINGAPORE: American travelers emerged as the nationality that was willing to spend the most on a hotel room when travelling abroad, the Hotels.com Hotel Price Index revealed.

American travelers will spend an average of S$224 (RM535) per room per night, despite restricting themselves to a mere S$159 when travelling within America.

New York's Paladino blames Cuomo for housing bubble

NEW YORK: Carl Paladino, the Republican candidate for governor of New York, blames the US housing bubble that triggered the global financial crisis on a single person — his Democratic opponent, Andrew Cuomo.

"The housing bubble occurred because of one man — that was Andrew Cuomo," Paladino told Reuters in an interview on Thursday, Oct 21.

S P Setia launches 240-acre green Setia City

SHAH ALAM: Setia City, the 240-acre (96 hectares) integrated commercial hub in S P Setia Bhd's Setia Alam township in Shah Alam aims to be the first green integrated commercial development in the country.