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)

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.

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.

KUALA LUMPUR: Hai-O Enterprise Bhd unit, Hai-O Properties Sdn Bhd (HOP), has entered into a share sale and shareholders agreement with Sierra Equatorial Development Sdn Bhd (SED) to venture in the property investment and development business.

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.

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.

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: 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.

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.