Business Times : latesthttp://www.btimes.com.my enMonday, December 02, 2013, 12.31 PMR&F to pay RM4.5b for Malaysian siteshttp://www.btimes.com.my/articles/20131202112215/Article/ http://www.btimes.com.my/articles/20131202112215/Article/Mon, 02 Dec 2013 11:22:15 +0800Guangzhou RandF Properties Co, a landlord in the southern Chinese city's business district, will pay RM4.5 billion (US$1.4 billion) for six sites in Malaysia from a royal family, marking its first acquisition abroad.
The developer plans to build commercial and residential properties on the 47 hectares in the southern Malaysian state of Johor Bahru, according to a statement to the Hong Kong stock exchange today.
Developers from China are committing billions of dollars to projects around the world, from apartment towers in New York and a new business district in the UK to a residential redevelopment in Sydney. Regulatory restrictions at home and concerns that the Chinese property market is overheating have spurred companies to venture overseas for the first time.
"Like other developers, RandF made the move to diversify its investment portfolio outside China as domestic property curbs don't seem to end soon," said Alan Jin, a Hong Kong-based property analyst at Mizuho Securities Asia Ltd. "It remains uncertain how much demand is out there."
RandF will purchase the land from the Sultan of Johor for the development that could have about 3.5 million square meters of floor area including homes, offices and a hotel, according to the statement.
RandF shares fell 1.3 per cent to HK$12.30 as of 11.01am in Hong Kong trading. The Hang Seng China Enterprises Index, tracking Chinese companies traded in Hong Kong, climbed 0.3 per cent, while the Shanghai Stock Exchange Property Index, which tracks 24 developers traded in the city, lost 3.3 per cent.
Li Ka-shing, Asia's richest man, said last week that his companies have slowed land purchases in Hong Kong and China as prices have escalated to a high level.
At least 10 Chinese cities have tightened their property policies in November as local governments face pressure to meet annual home-price targets, according to Centaline Property Agency Ltd, the nation's biggest real estate brokerage. Three of China's four major cities -- Shenzhen, Shanghai and Guangzhou -- raised minimum down-payment requirements for second-home mortgages to 70 per cent from 60 per cent.
RandF's entry into Malaysia follows Country Garden Holdings Co, the developer controlled by China's richest woman Yang Huiyan, which said last year it will buy prime waterfront land in the southern part of the Southeast Asian nation.
RandF has been exploring opportunities to tap into fast- developing markets overseas to boost its longer-term profitability, chairman Li Sze Lim said in today's statement.
"The Malaysian property market has significant growth potential that comes from strong economic fundamentals and demographic factors offering opportunities which the group is well positioned to take advantage of," he said.
Average Malaysian home values rose 43 per cent to a record in the four-and-a-half-years to June, according to government data. Prices in the capital Kuala Lumpur climbed 62 per cent to RM605,711 between the start of 2009 and the end of the second quarter this year, while those in Johor climbed 37 per cent to RM187,644, CBRE Group Inc said.-- Bloomberg Short-term rates to remain stablehttp://www.btimes.com.my/articles/20131202103915/Article/ http://www.btimes.com.my/articles/20131202103915/Article/Mon, 02 Dec 2013 10:39:15 +0800Short-term interbank rates are expected to remain stable today following Bank Negara Malaysia's intervention to reduce excess liquidity from the financial system.
The central bank estimated today's liquidity at RM28.17 billion in the conventional system and RM8.59 billion in Islamic funds.
The bank will conduct a RM7 billion range maturity auction money market tender for two days to 91 days and a RM100 million repo tender for 91 days.
It will also call for two RM700 million Islamic range maturity auction Al-Wadiah tender for 14 days and RM1.3 billion for 31 days.
At 4pm, the bank will undertake a conventional overnight tender of up to RM21.1 billion and a RM6.7 billion Al-Wadiah overnight tender.-- Bernama Tin price unachangedhttp://www.btimes.com.my/articles/20131202111601/Article/ http://www.btimes.com.my/articles/20131202111601/Article/Mon, 02 Dec 2013 11:16:01 +0800On the Kuala Lumpur Tin Market, business was done today at US$22,670 per tonne (ex-smelter), unchanged from last Friday on a turnover of 50 tonnes.-- Bernama
KL shares remain mixed mid-morninghttp://www.btimes.com.my/articles/20131202104211/Article/ http://www.btimes.com.my/articles/20131202104211/Article/Mon, 02 Dec 2013 10:42:13 +0800Shares on Bursa Malaysia remained mixed at mid-morning today with investors' interest confined to selected heavyweights in consumer stocks, dealers said. British American Tobacco gained 30 sen to RM63.20 and Apex Healthcare added 29 sen to RM4.89. As at 11am, the FTSE Bursa Malaysia KLCI (FBM LCI) increased 7.52 points to 1,815.12, after opening 5.15 points higher at 1,812.75. Losers led gainers 273 to 225, with 254 counters unchanged, 812 untraded and 20 others suspended. Turnover was low with 392.1 million shares traded valued at RM244.2 million. The Finance Index improved 12.369 points to 16,688.02, the Plantation Index gained 15.87 points to 8,895.92 and the Industrial Index was 9.29 points higher at 3,163.12. The FBM Emas Index increased 34.86 points to 12,585.79, the FBMT100 Index advanced 36.43 points to 12,315.21, the FBM Ace added 23.87 points to 5,606.97 and the FBM 70 rose 18.159 points to 14,182.11. Among actives, XOX lost half a sen to 16.5 sen, 1 Utopia gained half a sen to eight sen and Sumatec declined half a sen to 30 sen. As for heavyweights, Maybank rose three sen to RM9.81, CIMB fell one sen to RM7.57 and Sime Darby was flat at RM9.65.-- Bernama Gold up 11 sen at RM125.02http://www.btimes.com.my/articles/20131202104553/Article/ http://www.btimes.com.my/articles/20131202104553/Article/Mon, 02 Dec 2013 10:45:53 +0800The physical price of gold as at 9.30am stood at RM125.02, up 11 sen from RM124.91 at 5pm last Friday.-- Bernama
Gold futures contracts open marginally higherhttp://www.btimes.com.my/articles/20131202104747/Article/ http://www.btimes.com.my/articles/20131202104747/Article/Mon, 02 Dec 2013 10:47:47 +0800Gold futures contracts on Bursa Malaysia Derivatives opened marginally higher Monday, continuing its last week's buying
momentum, dealers said.
A dealer said the precious metal was in favour ahead of the uncertain US economic data expected to be released this week.
The data would give the cue on when the Federal Reserve would start to taper its bond-buying programme, the dealer added.
At 9.29am, only one contract month was traded in the local market.
December 2013 was traded at RM129.75 a gramme, up six ticks from Friday's settlement, with two lots traded.
January 2014 stood at RM129.55 a gramme while February 2014 and March 2014 were both pegged at RM129.95 a gramme, respectively.
Open interest stood at 1,132 contracts.-- Bernama FTSE Bursa Malaysia update: 10.30amhttp://www.btimes.com.my/articles/20131202104953/Article/ http://www.btimes.com.my/articles/20131202104953/Article/Mon, 02 Dec 2013 10:49:53 +0800At 10.30am today, there were 211 gainers, 228 losers and 248 counters traded unchanged on the Bursa Malaysia.
The FBM-KLCI was at 1,814.28 up 6.68 points, the FBMACE was at
5,617.81 down 13.03 points, and the FBMEmas was at 12,583.98 up 33.05 points.
Turnover was at 313.171 million shares valued at RM186.155 million.-- Bernama
KLCI futures traded higher in early sessionhttp://www.btimes.com.my/articles/20131202111307/Article/ http://www.btimes.com.my/articles/20131202111307/Article/Mon, 02 Dec 2013 11:13:07 +0800The FTSE Bursa Malaysia KLCI (FBM KLCI) futures contract (FKLI) on Bursa Malaysia Derivatives was higher, in early session today.
As at 10.40am, spot month December 2013 was 3.5 points better at 1,814.50, January 2014 added 4.5 points to 1,816, February 2014 garnered 2.5 points to 1,814 and March 2014 was flat at 1,806.
Volume stood at 1,525 lots while open interest totalled 35,991 contracts.-- Bernama Ringgit traded lower against US dollarhttp://www.btimes.com.my/articles/20131202104411/Article/ http://www.btimes.com.my/articles/20131202104411/Article/Mon, 02 Dec 2013 10:44:11 +0800The ringgit opened lower against the US dollar today on profit-taking after benefiting from the greenback at Friday's close,
dealers said.
At 9am, the ringgit was quoted at 3.2270/2300 to a US dollar from Friday's closing at 3.2215/2245.
The ringgit was also traded lower against other major currencies.
The local unit fell against the Singapore dollar to 2.5711/5739 from 2.5678/5703 on Friday and weakened against the yen to 3.1492/1537 from 3.1469/1514 last week.
The domestic currency depreciated against the British pound to 5.2958/3020 from 5.2604/2663 on Friday and declined against the euro to 4.3855/3902 from 4.3832/3885 last week.-- Bernama
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