PRESS DIGEST -Hong Kong - Sept 30

Reuters

HONG KONG, Sept 30 (Reuters) - These are some of the leadingstories in Hong Kong newspapers on Monday. Reuters has notverified these stories and does not vouch for their accuracy.

SOUTH CHINA MORNING POST

-- Hong Kong developer K Wah International hasjumped on the bandwagon of the free-trade zone in Shanghai,hoping its upcoming residential project near the zone may anchorits expansion plans in the mainland's commercial hub. It plansto start construction soon of a residential complex at Jinqiao,which is just a few kilometres from the free-trade zone. ()

-- Tycoon Li Ka-shing has donated US$130 million to a topIsraeli science institute, Technion - the Israel Institute ofTechnology, to help build a campus in his home town in China'sGuangdong province in a joint project with Shantou University.It was one of the biggest one-off donations made by the Li KaShing Foundation. ()

THE STANDARD

-- New World Development is set to join theongoing initial public offering spree by trying for the secondtime since June to spin off its hotel business. The listing wasearlier scrapped due to poor market sentiment. The company saidwhether the spin-off will eventually proceed is still subject tomarket sentiment. ()

-- Ajisen China Holdings chief operating officerJoseph Lau Si-sing stepped down just two months into the jobafter errors in the announcement revealing his appointment wereexposed. ()

HONG KONG ECONOMIC JOURNAL

-- Construction firm Ngai Shun Holdings Ltd is tosell 100 million shares in its initial public offering, raisingup to HK$109 million, while China Ludao Technology CompanyLimited aims to raise about HK$68 million in its IPOto be kicked off on Monday.

-- Details of the restructuring program for China's dairyindustry, in particular in the area of taxation, are set to beannounced in October, benefitting six major players includingSanyuan, Yili and Mengniu,according to a ministry source.

MING PAO DAILY NEWS

-- Five well known fashion brands LVMH, Prada, Coach, Joyce and Moiselle, which operated atotal of 105 stores in Hong Kong, spent HK$6.02 billion in rentin the territory last year, twice the amount of the rentalexpenses of 6 major jewellery groups in the city, according to areport by property agent Midland.

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