BEIJING: China's property market is a bubble, but the impact of a price correction on the country's banks is uncertain, Harvard University economics professor Kenneth Rogoff said on Tuesday, July 5.

SHANGHAI: China Vanke said property sales in the first six months rose 19.5% year-on-year (y-o-y) to 367.7 billion yuan (RM175 billion), after it priced developments lower than expected, the China Securities Journal reported on Tuesday, July 6.

KUALA LUMPUR: Faber Group Bhd was awarded an RM20.38 million contract for Sheikh Khalifa Medical City project in Dubai.

KUALA TERENGGANU: Felcra Bhd will develop 10,000 hectares of land in Terengganu, under the 10th Malaysia Plan (10MP), in a move to involve more settlers in replanting programmes.

In announcing this, Che Mohd Zainun Abd Jalil Senior, planning executive at Felcra Bhd's Eastern Region, said the land would either be replanted with oil palm or natural rubber.

JOHOR BAHRU: The newly appointed chairman of UDA Holdings Datuk Nur Jazlan Mohamed will stress on the company focusing on three core business areas — namely real estate, development of town and management of shopping complexes — in three major cities in the country.

HONG KONG: More than 85% of the third round of sales at the Hermitage — the first residential development launched since stricter rules on marketing were enforced — were sold on Sunday, July 4, its developer said.

Of the 180 flats that went on sale at 11am, Sino Lands said 100 had been snapped up by noon.

KUALA LUMPUR: CapitaMalls Asia Ltd, the sponsor of CapitaMalls Malaysia Trust (CMMT), is buying the Gurney Plaza extension block and some car park bays for RM215 million from Gurney Plaza Sdn Bhd.

KUALA LUMPUR: PJI Holdings Bhd is selling Wisma PJI in Selangor to Pan Pacific Enterprise Sdn Bhd for a total of RM8.8 million.

PJI Holdings had on June 30 entered into two sale and purchase agreements with Pan Pacific Enterprise on June 30 to dispose of the building — consisting of two adjoining units of 3-storey semi-detached factory, respectively — in Bukit Jelutong, Shah Alam.

June 2010: You win some, you lose some

KUALA LUMPUR: Asian Pac Holdings Bhd is looking at a more stable revenue stream from recurring income through its KK Times Square II project in Kota Kinabalu, Sabah.