KUALA LUMPUR: Shares of financially distressed Ho Hup Construction Company Bhd surged 37.14% or 19.5 sen to 72 sen on Monday, July 19 following an announcement that it planned to acquire two companies to help regularise its financial position.

The stock had traded to an intra-day high of 78 sen and a low of 54 sen before closing at 72 sen, with 654,200 shares traded.

• Axis REIT (Axis) posted net income of RM13mil for 2QFY10 thus taking its 1HFY10 net income to RM25mil. This is in line with ours and street’s estimates, accounting for 45% and
50% respectively.

BEIJING: China's banking regulator will conduct on-site inspections in the second half to assess how well banks have endorsed property tightening measures, indicating no policy relaxation, the Shanghai Securities News reported on Tuesday, July 20.

KUALA LUMPUR: Axis Real Estate Investment Trust saw its net profit surge 74.5% to RM21.88 million in its second quarter ended June 30, 2010 (2QFY2010), from RM12.54 million the previous year, due to higher revenue.

KUALA LUMPUR: CAM Resources Bhd is acquiring three parcels of land with factories atop on them in Perak for RM11 million.

KUALA LUMPUR: Masterskill Education Group Bhd is acquiring a piece of leasehold land in Kelantan, along with the buildings atop it, for RM31 million.

DUBAI: Property prices and rents for residential and office spaces in Dubai are falling as demand remains fragile, according to the local property market update report for July 2010 issued by real estate consultancy Cluttons.

HONG KONG: Hongkongers priced out of the property market could soon get a more affordable alternative — a scheme that allows them to part-buy and part-rent their dream home.

SHANGHAI: US investment bank Morgan Stanley has sold its serviced apartment project in Pudong, Shanghai, for about 1.2 billion yuan (RM571.15 million), making it the second-largest residential deal by value in the city so far this year.

HONG KONG: Developers of two major luxury housing projects are battling for buyers by rolling out more units after strong sales over the weekend.