HONG KONG: Rents in mass residential housing in Hong Kong have surged more than 20% in the past year and the trend is likely to continue, according to property agents.

Monthly rents at 100 selected housing estates averaged HK$18.40 per square foot in May, according to data compiled by Midland Realty.

KUALA LUMPUR: Berjaya Land Bhd (BLand) has posted a fourth quarter net profit of RM72 million for financial year ending April 30, 2010, a 245% increase from a net loss of RM49.5 million a year earlier.

The growth was underpinned by a higher profit contribution from the property development division, as well as a higher share of profits from associated companies.

KUALA LUMPUR: United Malayan Land Bhd (UM Land) plans to increase the number of product launches in all of its three mixed development townships this year.

In addition to that, the company would also introduce new products to cater to the purchasers' needs and the changing market environment, as well as improve its efficiency in land usage.

KUALA LUMPUR: Pahang-based property developer Pasdec Holdings Bhd has entered into a memorandum of agreement (MoA) with Pembangunan Buku Hijau Holdings Sdn Bhd (PBHH), and Imtech Dygenic Technology (M) Sdn Bhd to form a 40:40:20 joint-venture company (JV) for the proposed National Halal Gelatine project.

KUALA LUMPUR: Shareholders of TA Global and its parent TA Enterprise Bhd have approved the proposed sale of Quayside Gem Ltd (QGL) by TA Enterprise to TA Global.

The decision was made during the extraordinary general meeting, which was held after the annual general meeting, of TA Global and its parent TA Enterprise Bhd on Wednesday, June 23.

KUALA LUMPUR: TA Global Bhd is looking to explore development opportunities in China, its chief executive Datin Alicia Tiah said on Wednesday, June 23.

Quoting its chairman Datuk Tony Tiah during the annual general meeting (AGM) earlier, Alicia added that the developer is looking to expand to overseas, and that China is "a country that cannot be ignored".

KUALA LUMPUR: Mah Sing Group Bhd will be previewing its new high-end condominium project, The Icon Residence Penang, early next year.

According to the chief operating officer of Mah Sing Group, Teh Heng Chong, the project has an estimated gross development value (GDV) of RM280 million,

KUALA LUMPUR: Ritz-Carlton Hotel on Monday, June 21, opened its second hotel in Pudong New Area in Shanghai, China, 12 years after it first launched the Portman Ritz-Carlton in downtown Puxi.

HONG KONG: Citigroup has appointed Matthew Mrozinski, formerly at Deutsche Bank, as head of real estate banking for Asia, the US bank said in a statement on Tuesday, June 22.

SHANGHAI: Sales of high-end homes in Shanghai fell 56.4% last month from April as investors and home seekers were cautious amid the uncertain policy environment.

Prices fell 4% during the same period, property consultant DTZ said.