HONG KONG: Wheelock Properties saw its shares soar to a 52-week high on Wednesday, April 28, after its parent company launched a HK$6.9 billion (RM2.85 billion) privatisation bid for the developer.

The generous offer proposed by Wheelock & Co, chaired by Peter Woo Kwong-ching, sent the shares up 136.77% to close at HK$12.62.

Construction sector
According to the Syarikat Prasana Negara Bhd, 17 contractors have been pre-qualified to be the main contractor for the RM7 billion to RM8 billion light rail transit (LRT) extensions.

Also, 15 companies were pre-qualified as nominated sub-contractors for the fabrication and delivery of segmental box girders.

SYDNEY: Australian city home prices rose 1.4% in March to be up a strong 4.2% for the first quarter, by one industry measure, underlining why policymakers are concerned about speculative froth in the market.

The rise in the Data-Rismark Hedonic Australian Home Value Index came on top of an upwardly revised 1.7% increase in February. Home prices are up 12.5% on March last year.

KUALA LUMPUR: Low-profile tycoon Datuk Law Tien Seng, better known as David Law, has regained his appetite for Malaysian assets and is bringing home the fortune he had made overseas in the past few years.

In the short span of five months, Law has spent at least RM340 million to acquire local assets.

HONG KONG: The MTR Corp's HK$33 billion (RM13.6 billion) Nam Cheong Station project has attracted interest from 12  developers - four more than when it was first launched five years ago.

SHANGHAI: It would be feasible for China to launch a property tax in the near term because economic growth is sufficiently strong, a senior researcher with the Ministry of Finance said in remarks published on Friday.

KUALA LUMPUR: Merge Housing Bhd posted a net profit of RM3.37 million in the third quarter ended February from a  net loss of RM8.21 million a year earlier, as revenue increased substantially due to extraordianary gains from a  land sale. Its bottom line was also helped by gains from the disposal of a subsidiary, and lower finance cost.

KUALA LUMPUR: Equine Capital Bhd has sold its 6.04 acre leasehold commercial tract within Selangor's Seri  Kembangan enclave to Safetags Solution Sdn Bhd for RM19.6 million. Proceeds from the land sale will be used to finance the seller's working capital needs, and reduce debt.

KUALA LUMPUR: Builder and property developer Gadang Holdings Bhd's third quarter net profit rose in annual and quarterly terms, as the company raked in more income from its construction unit, and registered lower selling and marketing expenses, besides finance cost.