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Friday July 6, 1:10 PM
Briefing - Asia Real Estate - July 6, 2007An executive briefing on real estate for July 6, 2007, prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities. VIETNAM'S SONG HONG TO INVEST US$25 MLN IN RESORT PROJECT
Song Hong-Cam Ranh Resort will be built on a site of 160,000 sq.m on the central province of Khanh Hoa's Cam Ranh Peninsula and will include shopping and tourism service, a hotel-resort and villas. BANK INDONESIA CUTS RATES BY 25 BASIS POINTS JAKARTA - Bank Indonesia has moved to cut the benchmark interest rate by a further 25 basis points to 8.25 per cent in a bid to boost the real estate sector. The central bank has gradually cut the key interest rate from 12.5 per cent early last year. DLF LISTS ON INDIAN BOURSES WITH HEFTY PREMIUM MUMBAI - India's biggest realty firm DLF Ltd (BSE:532868) made a strong debut on the bourses on Thursday as its shares jumped 36 per cent over the issue price in intra-day trade, making it the eight most valued company on the Bombay Stock Exchange. The scrip was listed at Rs 582 (US$14.38) on BSE and rose to a high of Rs 714.25 as against an issue price of Rs 525, propelling its market value to over Rs 1200 billion. But it settled with a modest 8.5 per cent gain at Rs 570.05, reflecting a market capitalisation of Rs 962.78 billion. LEHMAN BROTHERS-SPONSORED FUND INVESTS IN INDIA'S DLF ASSETS NEW DELHI - DLF Assets Pvt Ltd, a closely held firm of billionaire K P Singh, on Wednesday said it has received an investment of US$200 million from a fund sponsored by investment banking firm Lehman Brothers. "New Opportunities I PCC sponsored by Lehman Brothers has made an investment of US$200 million into DLF Assets Pvt Ltd (DAPL)," DLF said in a release. TAIWAN FAIR TRADE COMMISSION INVESTIGATING GRAVEL PRICE HIKE TAIPEI - The Fair Trade Commission (FTC) has started investigating whether gravel operators and related traders have increased gravel prices through hoarding or the instigation of a cartel-style price increase, FTC officials said Thursday. FTC officials said that due to rising demands from the flourishing domestic real estate market and China's ban on gravel exports from March, gravel prices in Taiwan have become increasingly volatile over the past several months. AUSTRALIAN CONSTRUCTION SECTOR GROWS MODERATELY IN JUNE SYDNEY - Australia's construction industry grew moderately in June after two consecutive months of decline, but growth was confined the the commercial sector, new figures show. The Australian Industry Group-Housing Industry Association performance of construction index (PCI) rose 6.2 points to 51.3 in June to be back above the 50 point level, which separates expansion from contraction. BANGLADESH TO ADDRESS ISSUES BEFORE INTRODUCING ECONOMIC ZONES DHAKA - The government wants to address four basic issues before introducing economic zones in the country for more holistic and geographically balanced industrial growth. The four issues are: having land zoning laws, changing the existing land allocation system, bringing professionalism into the industrial land market and creating alternatives to stabilise the high demand of lands in Dhaka-Chittagong corridor and the adjacent areas. INVESTMENT IN SHANGHAI'S REAL ESTATE MARKET EXCEEDS US$1.3 BLN SHANGHAI - Foreign investment has played greater role on China's real estate market. Statistics show that the transaction value of ten projects launched in Shanghai in the first half of this year totaled US$1.3 billion, according to a research report by the world's famous Colliers International. The high-grade apartment and office buildings rebounded in January-June. S. KOREA REJECTS LONE STAR'S TAX APPEALS SEOUL - South Korea's tax tribunal on Thursday rejected appeals by the U.S. fund Lone Star to nullify US$110.7 million in penalty taxes imposed on its profits from the sale of a Seoul office building. Lone Star Funds filed the complaints in March 2006 against the tax authorities' decision to impose the back taxes on the fund's gains from the 900 billion won ($979.3 million) sale of the Star Tower building in December 2004. (C) Asia Pulse Pte Ltd. CONTACT: Asia Pulse Production Centre Phone: (612) 9322 8634 Fax: (612) 9322 8639 http://www.asiapulse.com ASIA PULSE
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2007
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