PRESS DIGEST -Hong Kong - Oct 18

Reuters

HONG KONG, Oct 18 (Reuters) - These are some of the leadingstories in Hong Kong newspapers on Friday. Reuters has notverified these stories and does not vouch for their accuracy.

SOUTH CHINA MORNING POST

-- The People's Bank of China is likely to scrap the 20,000yuan ($3,300) a day limit on currency conversion for Hong Kongpeople, Hong Kong Monetary Authority chief executive Norman ChanTak-lam says. The daily remittance limit of 80,000 yuan - whichaffects money transferred through banks across the border -would not change. ()

-- The Poly Culture Group, the culture and auction businessunit of the powerful state-owned Poly Group, plans to raiseabout $100 million through an initial share sale in Hong Kong,sources familiar with the situation say. ()

-- China Xintiandi, the mainland commercial property arm ofShui On Land, will speed up the sale of non-coreproperties and enhance assets to bolster its income inpreparation for a planned spin-off once market sentimentimproves. With a portfolio of office, retail and hotelproperties worth 28 billion yuan ($4.59 billion), Xintiandi'schief executive Philip Wong conceded that annual rental incomeof 1 billion yuan was low. ()

THE STANDARD

-- Hydoo International Holding, involved in developing andoperating large-scale trading centers in third- and fourth-tiercities in China, opens its retail book on Friday for a HK$1.88billion ($242.45 million) initial public offering. ()

-- Securities and Futures Commission chairman Carlson TongKa-shing says it is up to Alibaba to decide whereto list. As a regulator, SFC is more concerned about publicinterest, he noted. It was earlier reported that the SFC wasstrongly opposed to the IPO as Alibaba wanted to list as apartnership scheme, allowing its founders to retain controlwithout holding a majority of the shares. ()

HONG KONG ECONOMIC JOURNAL

-- New World Development, Wheelock Properties andMTR Corp kicked off sales at the Austin, a jointluxury residential development, with asking prices about 10 percent below the secondary market price in the same district.Including a stamp duty subsidy to attract buyers, the developersare offering buyers discounts of up to about 20 percent.

HONG KONG ECONOMIC TIMES

-- Prince Frog International is preparing aclarification statement and is considering buying back itsshares and increasing the dividend payout ratio after a reportby short seller Glaucus Research Group questioned its salesfigures, according to a company spokesman.

MING PAO DAILY NEWS

-- Far East Consortium International Ltd has beatfour other bidders including Sino Land and Wang OnGroup and won a tender for a piece of land in arestricted border area in Sha Tau Kok for HK$143 million ($18.44million) or HK$1,104 per square feet.

For Chinese newspapers, see...............

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