11.   Ayala is a diversified holding company with interests in property development, banking, telecommunications and food manufacturing.

12.   Ayala Corp. attributed the rise in net income last year to contributions from its property development, banking, insurance food manufacturing and electronics subsidiaries.

13.   Ayala Corp., a diversified holding company with interests in property development, banking, telecommunications and food manufacturing, also fell.

14.   Benpres, a Manila-based diversified holding company, said funds from the rights offering will be used mainly for its telephone, property development and water projects.

15.   - Encouraging property development in Tokyo by relaxing zoning regulations.

16.   But there would be omissions, too, such as loans to Caribbean tax haven companies that are destined for, say, a property development in Penang.

17.   Entrepreneurs opened banks as personal cash reserves for enterprises like property development.

18.   Even if REITs invest only in new property development, they are likely to attract investors who would otherwise have bought property-company shares.

19.   Faber and United Engineers are both members of the Renong Group, a politically-connected conglomerate whose investments include construction, property development and transportation.

20.   Executives at New World Development will be left to concentrate on property development.