Penang contemplates new range of affordable homes
The Penang state government is considering to open up a new range of affordable housing, priced from RM120,000 to RM150,000 for applicants earning net income between RM3,500 and RM6,000. The move comes amid high loan rejection rates from banks, where nearly 30% of applicants were rejected. The state government was also contemplating to allow developers to sell affordable units to non-listed buyers, and urged banks to relax loan conditions for low cost, low medium cost and affordable segments. (Bernama)

MMC Corp sells Senai land for RM370mil
MMC Corp Bhd is selling 188.7 acres of land in Senai Airport City, Johor to Ipark Development Sdn Bhd for RM370 million. The sale will help its unit Senai Airport City Sdn Bhd (SACSB), the master developer of Senai Airport City, speed up development and decrease group debt. The proceeds will also be used for MMC’s working capital and future acquisition of land banks. (The Star Online)

Global Oriental to dispose Sri Kembangan land for RM43m
Global Oriental Bhd’s wholly-owned subsidiary has signed a conditional sale and purchase agreement with Kemaris Residences Sdn Bhd, a property development company, to dispose of a 19.24-acre parcel of leasehold land in Seri Kembangan, Selangor for RM43.3 million cash. The group plans to use the proceeds to repay bank loans and for working capital for its property development activities. (The Edge Markets)

Sunway REIT 4Q net profit up 52%
Sunway Real Estate Investment Trust (REIT) saw its net profit for the fourth financial quarter (4QFY15) jump 52% to RM357.91 million, which it attributed to better performance of its retail segment. The REIT also proposed a distribution per unit (DPU) of 2.05 sen for 4Q, making a total of 8.73 sen for the full financial year. (The Edge Markets)

Matrix Concepts 1H net profit up 79.4%
Property developer Matrix Concepts Holdings Bhd recorded a 79.4% increase in net profit to RM145.3 million for the first half (1H) on higher sales of industrial and residential properties, while its turnover rose 46.8%. The company focuses on developing affordably-priced homes, allowing it to weather the potential slowdown and overall dampened sentiment in the property sector. (The Malaysian Reserve)

Ringgit falls along with other Asian currencies as China devalues yuan
The local stock market, ringgit and other Asian currencies fell yesterday, as China shocked markets by devaluing the Yuan in a move to boost its exports, instantly spiking the US dollar. Industry experts said there was a downside risk to Chinese growth that was generally negative for Asia. In the wake of China’s record 1.9% currency devaluation, the already-weak ringgit slid further to 3.9735 to the dollar, while the KLCI index lost 1.07%. (The Sun Daily, The Malay Mail Online)

Real estate agent jailed and fined for upskirt video
A real estate agent has been sentenced to 10 days jail and RM6,000 fine for recording an upskirt video of a college student three days ago. Long Jhow Weh, 29, pleaded guilty to the offence, which happened at a shopping mall on Aug 8. The victim’s boyfriend and passersby apprehended Long and found upskirt photographs of other women inside his smartphone. (New Straits Times Online)

Nazri: Weak ringgit will help tourism
Tourism and Culture Minister Datuk Seri Nazri Aziz said yesterday that the depreciating ringgit is aiding recovery of Malaysia’s tourism industry, which is still affected by the MH370 incident. The low ringgit value has made Malaysia an attractive destination for tourists, as “they cannot go to the hotel and pay in euros; they have to buy the ringgit”. He noted that tourists from China are still reluctant to visit because of the MH370 disappearance, which is why they need to be given “preferential treatment, like no need [for] visas”. (The Malay Mail Online)