property developer

 
 

OCR to launch RM268m GDV Vertex Kuantan project in 1H20

KUALA LUMPUR, Oct 21 — Boutique property developer OCR Group Bhd is targeting to launch its second Kuantan project, named Vertex Kuantan, in the first half of 2020. The RM268 million gross development value (GDV) mixed development will be the…


London retains global finance throne amid Brexit chaos

LONDON, Oct 15 — From the pinnacle of the City of London’s largest skyscraper, Stuart Lipton is wagering a US$1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit….


Hong Kong urges property developers to cut rent for retailers

HONG KONG, Oct 11 — Hong Kong’s financial chief urged landlords and property developers today to offer rent subsidies to retailers and food and beverage businesses suffering after four months of protests that have dented tourism and consumer…


Khazanah-Temasek JV firm divests Singapore luxury hotel for record RM1.44b

KUALA LUMPUR, Oct 8 — Khazanah Nasional Bhd’s 60 per cent-owned subsidiary M+S Pte Ltd is selling its five-star luxury lifestyle hotel, Andaz Singapore, to Hoi Hup Realty Pte Ltd for S$475 million (about RM1.44 billion)…


Hong Kong tycoon Li Ka-shing donates HK$1b to support local business

HONG KONG, Oct 4 — Hong Kong's richest man Li Ka-shing will donate HK$1 billion (RM533.6 million) to support local small and medium sized businesses, his foundation said today, a move that comes as the city's economy has been roiled by…


Eastland Equity to raise RM2.6m via private placement

PETALING JAYA: Eastland Equity Bhd is expected to raise up to RM2.65 million from a private placement exercise of up to 10% of its total issued share.

The property developer told Bursa Malaysia that the estimated figure is based on an indicative price of 9 sen for 29.48 million shares.

Of the proceeds raised, some RM772,000 will be utilised towards repayment of bank borrowings; RM1.45 million for property development activities; RM327,000 for general working capital; and RM100,000 for private placement expenses.

However, Eastland said the private placement will not address the group’s current financial concerns as the estimated gross proceeds would not be sufficient to meet its funding requirements in the long-term or to improve its financial performance.

“However, the proposed private placement serves as an interim measure for the group to address its impending cash flow requirements whilst allowing the group to explore the acquisition of land/joint development rights.”

“In the event such acquisition (when materialised) requires additional funding, the company will explore other funding options, including debt and/or equity.“


China Sept factory surveys show flickers of improvement but outlook still weak

BEIJING: Factory activity surveys in China pointed to slight improvement in September as domestic demand picked up, but analysts believe the gains will be short-lived as the property market cools and Sino-U.S. trade tensions remain elevated.

Persistent weakness in China’s vast manufacturing sector has reinforced market expectations that Beijing needs to roll out more support measures to cushion the country’s worst economic slowdown in decades, even if that risks racking up more debt.

The official Purchasing Managers’ Index (PMI) rose to 49.8 in September, slightly better than expected and advancing from 49.5 in August. But it remained below the 50-point mark that separates expansion from contraction on a monthly basis, data from the National Bureau of Statistics (NBS) showed.

Analysts polled by Reuters had expected the headline reading would be unchanged.

A private business survey also released on Monday showed growth in factory activity unexpectedly quickened to a 19-month high of 51.4 in September, largely due to a rise in domestic orders as government support measures kicked in.

But economists cautioned the rebound is likely be unsustainable, and forecast further economic weakness ahead.

“We believe the official manufacturing PMI may decline again, the growth slowdown could gather pace and (financial)markets could become more volatile in coming months,” economists at Nomura said in a note.

Nomura recently lowered its third-quarter growth forecast for China to 5.9% and its fourth-quarter view to 5.8%, slowing from the 6.2% reported in the second quarter. It cited continued U.S. tariff pressure, slowing industrial production and signs that property investment and construction may be starting to cool.

Total new orders, including those from home and abroad, did swing back to growth in September for the first time in five months, the official PMI showed, but the expansion was marginal.

Moreover, export demand remained weak, with orders falling for the 16th straight month, albeit at a milder pace.

Production rose at a quicker pace in September, buoyed by the growth in new orders. In particular, output in the food processing, textile, special equipment and electrical machinery sectors stood at high levels, Zhao Qinghe, an official with the statistics bureau said in a statement accompanying the data.

“With a slew of growth-boosting policy measures kicking in, optimism among manufacturing firms… reached 54.4, the highest in the third quarter,” said Zhao.

The activity surveys followed unexpectedly weak August data which showed growth in industrial production tumbled to its weakest level in 17-1/2 years, while factory deflation deepened. Winter smog controls are expected to keep a lid on heavy industries in some parts of the country in coming months.

“While China’s fiscal stance is unlikely to be loosened during the remainder of the year, we think the PBOC will find it an increasingly hard sell to refrain from more decisive monetary easing,” Martin Lynge Rasmussen, China Economist at Capital Economics said in a note, adding the better PMIs were likely a false dawn.

The Peoples’ Bank of China has lowered banks’ reserve requirements seven times since early 2018 to free up more funds for lending. China also trimmed its new benchmark lending rate in September for the second month in a row.

But analysts note monetary policy easing has been more cautious than in past downturns, likely due to concerns about rising debt and financial risks, particularly involving the property market.

Export-oriented manufacturers are particularly vulnerable as the nearly 15-month Sino-U.S. trade war shows no signs of ending.

Top-level trade negotiators from the two sides are expected to meet in Washington on Oct.10-11 to determine if they can agree a truce in their trade war, but most analysts doubt a durable agreement can be reached.

Higher U.S. tariffs on Chinese goods are due to take effect in mid-October and mid-December, and sources told Reuters the Trump administration is considering radical new pressure tactics on Beijing, including the possibility of delisting Chinese companies from U.S. stock exchanges.

With business uncertainties clouding the outlook, the official survey showed Chinese factories continued to cut jobs in September. The employment sub-index was at 47.0 versus 46.9 in August.

A separate survey showed services sector activity remained well in expansionary territory, but construction growth eased, with a sub-reading for construction activity standing at 57.6, down from 61.2 in August. Beijing recently tightened financing for property developers.

The non-manufacturing PMI in September was at 53.7, slightly down from August’s 53.8.

Beijing is counting on a strong services sector to cushion the impact from trade uncertainties and factory job losses. But the sector began showing signs of cooling late last year amid the broader economic slowdown. – Reuters


China Sept factory surveys show flickers of improvement but outlook still weak

BEIJING: Factory activity surveys in China pointed to slight improvement in September as domestic demand picked up, but analysts believe the gains will be short-lived as the property market cools and Sino-U.S. trade tensions remain elevated.

Persistent weakness in China’s vast manufacturing sector has reinforced market expectations that Beijing needs to roll out more support measures to cushion the country’s worst economic slowdown in decades, even if that risks racking up more debt.

The official Purchasing Managers’ Index (PMI) rose to 49.8 in September, slightly better than expected and advancing from 49.5 in August. But it remained below the 50-point mark that separates expansion from contraction on a monthly basis, data from the National Bureau of Statistics (NBS) showed.

Analysts polled by Reuters had expected the headline reading would be unchanged.

A private business survey also released on Monday showed growth in factory activity unexpectedly quickened to a 19-month high of 51.4 in September, largely due to a rise in domestic orders as government support measures kicked in.

But economists cautioned the rebound is likely be unsustainable, and forecast further economic weakness ahead.

“We believe the official manufacturing PMI may decline again, the growth slowdown could gather pace and (financial)markets could become more volatile in coming months,” economists at Nomura said in a note.

Nomura recently lowered its third-quarter growth forecast for China to 5.9% and its fourth-quarter view to 5.8%, slowing from the 6.2% reported in the second quarter. It cited continued U.S. tariff pressure, slowing industrial production and signs that property investment and construction may be starting to cool.

Total new orders, including those from home and abroad, did swing back to growth in September for the first time in five months, the official PMI showed, but the expansion was marginal.

Moreover, export demand remained weak, with orders falling for the 16th straight month, albeit at a milder pace.

Production rose at a quicker pace in September, buoyed by the growth in new orders. In particular, output in the food processing, textile, special equipment and electrical machinery sectors stood at high levels, Zhao Qinghe, an official with the statistics bureau said in a statement accompanying the data.

“With a slew of growth-boosting policy measures kicking in, optimism among manufacturing firms… reached 54.4, the highest in the third quarter,” said Zhao.

The activity surveys followed unexpectedly weak August data which showed growth in industrial production tumbled to its weakest level in 17-1/2 years, while factory deflation deepened. Winter smog controls are expected to keep a lid on heavy industries in some parts of the country in coming months.

“While China’s fiscal stance is unlikely to be loosened during the remainder of the year, we think the PBOC will find it an increasingly hard sell to refrain from more decisive monetary easing,” Martin Lynge Rasmussen, China Economist at Capital Economics said in a note, adding the better PMIs were likely a false dawn.

The Peoples’ Bank of China has lowered banks’ reserve requirements seven times since early 2018 to free up more funds for lending. China also trimmed its new benchmark lending rate in September for the second month in a row.

But analysts note monetary policy easing has been more cautious than in past downturns, likely due to concerns about rising debt and financial risks, particularly involving the property market.

Export-oriented manufacturers are particularly vulnerable as the nearly 15-month Sino-U.S. trade war shows no signs of ending.

Top-level trade negotiators from the two sides are expected to meet in Washington on Oct.10-11 to determine if they can agree a truce in their trade war, but most analysts doubt a durable agreement can be reached.

Higher U.S. tariffs on Chinese goods are due to take effect in mid-October and mid-December, and sources told Reuters the Trump administration is considering radical new pressure tactics on Beijing, including the possibility of delisting Chinese companies from U.S. stock exchanges.

With business uncertainties clouding the outlook, the official survey showed Chinese factories continued to cut jobs in September. The employment sub-index was at 47.0 versus 46.9 in August.

A separate survey showed services sector activity remained well in expansionary territory, but construction growth eased, with a sub-reading for construction activity standing at 57.6, down from 61.2 in August. Beijing recently tightened financing for property developers.

The non-manufacturing PMI in September was at 53.7, slightly down from August’s 53.8.

Beijing is counting on a strong services sector to cushion the impact from trade uncertainties and factory job losses. But the sector began showing signs of cooling late last year amid the broader economic slowdown. – Reuters


CM urges developers to apply for loans from Sabah Development Bank Berhad

KOTA KINABALU, Sept 21 — Sabah Chief Minister Datuk Seri Mohd Shafie Apdal has called on Sabah property developers to apply for loans from Sabah Development Bank Berhad (SDB), in view of the fact that their applications to Kuala Lumpur banks have…


Glomac to launch RM903m properties in second half of FY20

KUALA LUMPUR, Sept 17 — Glomac Bhd targets to accelerate the pace of new launches in the second half of this financial year ending April 30, 2020 (FY20) featuring a diverse range of products with a total estimated gross development value (GDV) of…