BEIJING: China will start levying a property tax in 2012 as part of measures to regulate volatility in the real-estate market.

The annual tax will be introduced in a pilot scheme in several cities, according to the National Business Daily, citing an unidentified participant at a Ministry of Finance seminar.

KUALA LUMPUR: London Stock Exchange-listed Aseana Properties Ltd, a unit of Ireka Corporation Bhd, may consider returning excess cash to shareholders following the proposed disposal of a 20-storey office tower and a five-storey retail mall in 1 Mont' Kiara for RM333 million.

KUALA LUMPUR: The enbloc sale of 1 Mont'Kiara (1MK) for RM333 million by Aseana Properties Ltd to a real estate fund management company affiliated with Hong Kong's Cheung Kong Group marks the return of foreign institutional interest in Mont'Kiara area properties.

KUALA LUMPUR: UEM Group Bhd is aiming for "stretch targets" of RM30 billion in revenue and RM3 billion in net profit in 2015, said its managing director and CEO Datuk Izzaddin Idris.

He said the group would look to achieving its targets via organic growth and acquisitions. However, it is not considering any targets at this point in time.

Bolton Bhd
(July 21, 94.5 sen)

KUALA LUMPUR: Tower Real Estate Investment Trust (Tower REIT) registered a lower net profit of RM7.3 million for the second quarter ended June 30, 2010 (2QFY2010), from RM7.7 million the previous year, caused by a drop in average occupancy rate of Menara HLA after two long-term anchor tenants moved out of the building.

KUALA LUMPUR: Zelan Bhd managing director Raja Azmi Raja Nazuddin resigned from the company.

In a filing to Bursa Malaysia on July 22, the property developer said the 43-year-old will resign on July 30. It has yet to name the successor.

KUALA LUMPUR: Atrium Real Estate Investment Trust's (Atrium REIT) net profit rose 152.5% to RM2.56 million for the second quarter ended June 30, 2010 (2QFY2010) from RM1.01 million a year ago, despite that revenue showed a slower increase.

KUALA LUMPUR: UOA Real Estate Investment Trust (UOA REIT) registered a drop of 12.65% in its net profit to RM6.6 million in its second quarter ended June 30, 2010 (2QFY2010) from RM7.6 million a year earlier, on lower revenue.

KUALA LUMPUR: Tower Real Estate Investment Trust (Tower REIT) appointed Yeow Wai Siaw as its non-independent non-executive director.

The trust announced the appointment of the 45-year-old in a filing to Bursa Malaysia on Thursday, July 22. Yeow has been also the managing director and executive director of Guocoland (Malaysia) Bhd since June 16.