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Emaar to build five-star Dubai hotel in first post-crisis venture  DUBAI: Emaar Properties, developer of the world's tallest tower in Dubai, plans to build a new hotel in the city's high-end Downtown area, its first major hotel project since the emirate's property crisis erupted in 2009. Emaar, which had skirted clear of its home market in the aftermath of the debt crisis, said the construction of the five-star hotel will be financed mainly through pre-sales of serviced apartments. "The hotel we're launching today represents an opportunity to capture the interest we're seeing from Dubai, (the Gulf), Middle East, Indian subcontinent, China and Europe," Arif Amiri, chief executive of Emaar Retail, told reporters at the launch. Amiri did not give a value or costs for the project. The hotel will have 200 rooms and 542 serviced apartments. Apartment sales will begin Sept. 22. "I truly believe that the real estate market in Dubai is on the path of robust growth," he added. Dubai's property market is ...

Hong Kong apartment fetches record $61mn HONG KONG: A luxury apartment in Hong Kong has sold for a record HK$470 million ($61 million), making it the priciest condominium in the Chinese city and possibly in Asia, reports said Friday. An unidentified buyer paid the HK$75,806 ($9,773) per-square-foot price for the 6,200-square-feet (576-square-metre) unit at Opus Hong Kong in the upmarket Peak residential area, Hong Kong Economic Journal and Sing Tao Daily said. The whopping price for the unit, which takes up the entire ...
China ponders property controls: Xinhua BEIJING: China is studying new measures to beef up controls on the property sector, state media said, amid signs of rebounding housing prices. The housing ministry is "closely monitoring" changes in the property market and "is studying with relevant departments further policies to strengthen market control", Xinhua news agency said late Thursday, citing an unnamed official. New home prices in 50 out of the 70 Chinese cities tracked by the government increased in July from June, latest ...
More Chinese cities record new home price increases  BEIJING: New home prices in more Chinese cities rose in July than in the previous month, the government said Saturday, amid cautious optimism the country's property market may be bottoming out. Prices in 50 out of the 70 Chinese cities tracked by the government increased in July from June, the National Bureau of Statistics said in a statement. That represented a doubling from 25 in June. China has been taking steps to tighten its housing market for ...
India MUMBAI: India's Lodha Developers said it has agreed to buy DLF's 17-acre plot of land in Mumbai for 27 billion rupees ($488 million). The Mumbai-based developer is planning to build about 5 million square feet of homes and offices on the site in central Mumbai for which it has secured planning approval, it said on Monday. DLF, India's biggest property developer, bought the plot for about 7 billion rupees in 2005 from state-run National Textile Corporation. It ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
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WeeklyNovember 23, 2015
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