Real estate stocks jumped 1.4% at midday Thursday, leading a broad-based rally on the Australian bourse, with all sectors trading in the green.
Australia's seasonally adjusted unemployment rate rose to 4.3% in June, compared with 4.1% in May, according to data from the Australian Bureau of Statistics. This increased expectations that the Reserve Bank of Australia will loosen monetary policy in August.
United Overseas Australia (ASX:UOS), through its wholly owned subsidiary, UOA Vietnam, agreed to acquire VIAS Hong Ngoc Bao Joint Stock Company for 1.775 trillion Vietnamese dong. Real estate firm VIAS has a title to a parcel of land in Ho Chi Minh City of more than 2,000 square meters. United Overseas Australia is conducting due diligence to confirm the title and permitted use of the land will meet its requirements to develop a commercial office building.
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