PRESS DIGEST - Hong Kong - July 31

HONG KONG, July 31 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Friday. Reuters has not verified these stories and does not vouch for their accuracy. SOUTH CHINA MORNING POST

-- The Hong Kong chapter of the China Council for the Promotion of Peaceful National Renunification was established on Thursday, five years after one was set up in Macau and suggesting Beijing aimed to let Hong Kong to play a more active role to promoting cross-strait ties with Taiwan, according to experts.

-- Shares of New Focus Auto Tech (0360.HK) jumped 119 percent on Thursday morning after the vehicle parts maker said it had applied to the Taiwan stock exchange to list Taiwan Depository receipts representing up to 90 million new shares.

HONG KONG ECONOMIC JOURNAL

-- Swiss bank UBS has revised up its forecast on China property prices to a 20 percent rise from 2008-2010 from a 5 percent annual rise. Transaction volume is expected to fall on shorter supply with developers not rushing to cash in on apartment sales.

HONG KONG ECONOMIC TIMES

-- BYD Company Ltd (1211.HK) said Warren Buffett-controlled MidAmerican Energy had completed its purchase of 225 million new H shares and now held a 9.89 percent stake in the company.

MING PAO

-- A number of brokerage houses estimated Hang Lung Properties (0101.HK) would post a 41-62 percent drop in profit to HK$1.96 billion ($252.9 million) to HK$3.02 billion for the fiscal year ended in June.

-- China Everbright International (0257.HK) estimated its capital spending this year would exceed 1 billion yuan ($146.4 million), with a planned focus on environmental protection, water supply and new energy, according to Chief Executive Officer Chen Xiaoping.

APPLE DAILY

-- Hutchison Telecom Hong Kong (0215.HK) announced that its 75.9 percent owned unit and Nokia Siemens [NOKI.UL] had entered into a framework agreement that included the purchase of HK$346 million worth of equipment and services from Nokia Siemens.

(Editing by Jonathan Hopfner)

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