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Wednesday, June 8, 2011

No property bubble in China but hotels at risk

BEIJING: China's exuberant property market will not collapse as prices are supported by brisk economic growth although there could be a bubble in the hotel sector, a United States property developer said.

Ambrish Baisiwala, chief executive of Portman Holdings, said he was bullish on China's commercial and residential properties even though some investors believe there was a real estate bubble in the world's second largest economy.

Baisiwala, who helped develop more than US$30bil worth of properties at struggling Abu Dhabi developer Aldar Properties before joining Portman in 2006, said the US firm would like to expand in China.

“Overall, we don't see a bubble in China. But there are of course pockets of assets across specific cities where there may be an oversupply,” he said. “We very much intend to quicken our pace in China.”

The company is now looking at China's top cities such as Beijing and Shanghai as well as secondary cities including Xi'an, Wuhan and Nanjing.

He did not say if Portman would expand in China organically or through acquisitions, and declined to give further details.

Portman's China ambitions underline the difficulties Beijing faces in cooling the red hot property market, where months of official clampdown has not dampened the mood among investors and developers, as seen at a real estate conference last week.

Many at the conference in Beijing were confident China can sustain its solid economic growth pace of about 9% over the next five years.

By Reuters

UOA Dev to buy land for RM50m

UOA Development Bhd, through its wholly-owned subsidiary Magna Tiara Development Sdn Bhd, has proposed to buy two parcels of land measuring 1.94ha in Kuala Lumpur for RM50 million.

The company told Bursa Malaysia yesterday that the land located in the city centre will be developed into high-rise residential.

Construction is due to start in the fourth quarter of the year, it added.

By Business Times

Gromutual buys land for RM44m

PETALING JAYA: Property developer Gromutual Bhd said its wholly-owned unit had acquired two pieces of freehold land in Johor Baru for RM44mil as the group sought to replenish its land bank.

In a Bursa Malaysia filing yesterday, the company said its unit, Rainbow Entity Sdn Bhd, bought two pieces of land measuring 9079.8773 sq m and 5.3747 ha respectively from Ladang SPK Sdn Bhd.

By The Star

UOA Dev falls on KL listing debut

UOA Development Bhd, a Malaysian developer, fell below the issue price paid by institutional investors in its debut on the Kuala Lumpur stock exchange.

The stock fell 1.2 per cent to RM2.57 at 9:04 a.m. local time.

The company sold shares to institutions at RM2.60 each in its initial public offering.

The offer was priced at a discounted RM2.52 per share for individual investors.

By Bloomberg