KUALA LUMPUR: Sunway City Bhd (SunCity) jumped six sen or 1.62% to close at RM3.76 yesterday on the company’s real estate investment trust (REIT) plan, which received positive response from analysts.

The counter rose to an intra-day high of RM3.82, its highest level in two years.

Price: RM0.845
Recommendation: Withheld

Sunway City

Unveiling hidden treasures. The injection of RM3.5b assets into the proposed Sunway REIT (SREIT) is expected to provide a one-off gain of 61sen/sh and upstream RM1.17b (RM2.49/sh) in net cash to SCity.

With expected net cash of RM1.00/sh post-SREIT listing, SCity may pay special net dividends of 30-35sen/sh and save the rest for growth.

KUALA LUMPUR: Ireka Corp Bhd’s unit has secured a RM36.23 million contract to build an interchange for the proposed Bandar Indahpura, Kulai-Second Link Expressway in Iskandar Malaysia. The news lifted Ireka’s share price to 84.5 sen, up 6.3% or five sen yesterday.

BEIJING: China's agency overseeing big state-owned businesses has received plans from 78 state companies spelling out how they intend to sell out of the nation's heady property market, a Chinese newspaper said on Friday.

HONG KONG: Shanghai may step up efforts to rein in surging property prices by taxing investors who own more than one flat.

The tax is likely to target investors who owned several luxury homes that they have either leased or left vacant to bet on capital appreciation, analysts say.

SYDNEY: Activity in Australia's construction industry contracted in March, as house building slowed and new orders dipped for the first time in eight months, a survey showed on Friday.

HULU SELANGOR: The MCA does not regard the problem of land ownership in Selangor as a big issue because the matter had been given ample attention when the Barisan Nasional (BN) was in power until March 2008, MCA secretary-general Datuk Kong Cho Ha said today (April 8).

KUALA LUMPUR: Bina Puri Holdings Bhd, through its Thailand incorporated and member company Bina Puri (Thailand) Ltd, received a letter of award from Melewar Integrated Engineering Sdn Bhd for a contract sum worth RM6.3 million on March 15.

KUCHING: The study and feedback pertaining to the proposed new design of the longhouse in Sarawak is expected to be completed by month-end, deputy state secretary Datuk Abdul Ghafur Shariff said here today (April 8).