HONG KONG: Weekend home sales in Hong Kong dropped 30% as buyers bet prices will fall as the government steps up market-cooling measures, Centaline Property Agency Ltd said in a report.

Malaysia is increasingly on the radar screens of overseas property developers, especially from Australia and the UK. Its growing upper-middle population is seen as an uptapped market.

The global economic downturn and the spread of the Influenza A (H1N1) pandemic have put a dent in the global tourism industry. Malaysia’s hospitality sector has not been immune to such shocks. But as the world economy mends, hoteliers are positioning themselves to ride the upturn by pushing ahead with new hotel launches this year and the next.

Housing property sales were strong in the Penang primary market in 3Q2009, says Raine & Horne International Zaki + Partners’ director Michael Geh. Having mentioned earlier that there were apparent signs of a property bubble, specifically in the condominium market, Geh believes the recent announcement of a 5% real property gains tax (RPGT) from Jan 1, 2009, may cool things down a bit.

When the real property gains tax (RPGT) was suspended in April 2007 and followed by further liberalisation of the Foreign Investment Committee’s (FIC) guidelines, investors breathed a collective sigh of relief.

PUTRAJAYA: The Malaysian Tourism Ministry is looking at ways to strengthen promotions for the Malaysia My Second Home (MM2H) programme next year, said its minister Datuk Seri Ng Yen Yen.

LONDON: UK house prices will end 2% higher in 2009 compared with the start of the year before weakening in 2010, says global property consultancy firm Knight Frank.

However, the market will see a limited rise in prices in 2011, and a more concerted recovery in 2012 led by properties in prime London, which cost between £500,000 and £1 million and country houses in southern England.

KUALA LUMPUR: TA Global Bhd, the property arm of TA Enterprise Bhd (TAE), aims to launch at least three projects in the Klang Valley with a total gross development value (GDV) of RM1.14 billion next year.

PUTRAJAYA: The Attorney-General's Chambers is looking into amendments to the National Land Code to curb fraudulent land transfers, the Federal Court heard on Oct 29.

PETALING JAYA: The Multimedia Development Corp (MDeC) expects three more new MSC Malaysia Cybercentres to be set up before the end of this year and another three next year.

MDeC's chief executive officer, Datuk Badlisham Ghazali said the need for more cybercentres was in tandem with the Multimedia Super Corridor (MSC) Malaysia Status companies' forecast growth of 12% this year.