SHANGHAI: China's key stock index closed down 0.9% on Wednesday, Dec 22 as speculation in property stocks a day earlier died down, while cash flows in stock trading slowed due to a liquidity crunch in the money market.

Sunrise
Update on Takeover Offer

THE BUZZ
As of 20 Dec 2010, the level of acceptance by Sunrise shareholders in relation to the takeover offer from UEM Land reached 78.83% (Bursa)

KUALA LUMPUR: The Mass Rapid Transit (MRT) and high-speed train projects for the Klang Valley must be implemented now to cater for the population increase each year.

Deputy Transport Minister Datuk Abdul Rahim Bakri said if not now, the government would still have to do it eventually as the existing public transport system would not be able to cope with the rapid population increase.

KUALA LUMPUR: Country Heights Holdings Bhd's wholly-owned unit College Heights Utara Sdn Bhd has proposed to dispose of 30% equity interest in Mines Golf City Sdn Bhd to Tan Sri Lee Kim Yew for RM7.39 million.

In a filing to Bursa Malaysia on Tuesday, Dec 21, Country Heights said the disposal of the shares would be in the best interest of the company.

KUALA LUMPUR: The Federal Territories Land and Mines Office will reward landowners who pay their quit rent promptly through online payment, Federal Territories and Urban Wellbeing Minister Datuk Raja Nong Chik Raja Zainal Abidin said.

He said that with the online payment, it would make it easier for landowners to pay their quit rent.

KUALA LUMPUR: The first phase of S P Setia Bhd's residential Setia Greens development in Sungai Ara, Penang has already achieved a 40% take up rate prior to its launch, property (north) general manager S Sundarajoo said.

KUALA LUMPUR: In line with its debt restructuring scheme, Olympia Industries Bhd (Olympia) is disposing 14 pieces of freehold land in Melaka totaling 53.45 acres for RM42 million.

Olympia — via its wholly-owned subsidiary City Land Sdn Bhd — entered into a Sales and Purchase Agreement with Starwatt Engineering Sdn Bhd on Tuesday, Dec 21 for the disposal of land, it said on Tuesday.

KUALA LUMPUR: MTD Capital Bhd (MTD) is joining forces with ANC Holdings Pte Ltd (ANC) to undertake engineering and construction of building and infrastructure projects in Saudi Arabia.

MTD entered into a Joint Venture and Shareholders' Agreement with ANC on Dec 21 to incorporate a joint venture company in Saudi Arabia, MTD said on Tuesday.

KUALA LUMPUR: Taking advantage of the continued strength of the ringgit against the pound sterling, Amcorp Properties Bhd (Amcorp) is acquiring a residential property in London to further enhance its presence in London property market.

KUALA LUMPUR: The Master Builders Association Malaysia (MBAM) is hoping for a relaxation of certain policies for construction workers, as, recently announced mass projects need a big workforce.

The MBAM said it hopes that the work permits of foreign workers can be extended for another five years, and any skills test charges, should be made affordable for the construction industry.