PRESS DIGEST - Hong Kong - October 16

HONG KONG Oct 16 (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 legislature's functional constituencies cannot survive in their present form and their future will be addressed in November's consultation on the 2012 Legislative Council elections, chief executive Donald Tsang said on Thursday.

--Commercial Aircraft Corp of China (Comac), which is designing and building the country's first large passenger jet, has joined the 7 billion yuan (HK$7.94 billion) rescue of a private Sichuan-based airline in a move to secure more orders for home-grown aircraft.

--Developer Great Eagle Holdings (0041.HK) has acquired a waterfront site in Dalian for 734 million yuan (HK$833 million). It will be developed into a high-end residential project and a luxury hotel with 286,000 square meters of gross floor area.

HONG KONG ECONOMIC TIMES

--Chinese property company Excellence Group, which is preparing for a Hong Kong initial public offering, has signed up China Life Insurance (2628.HK) and Ping An Insurance Group (2318.HK)(601318.SS) as its cornerstone investors. Both China Life and Ping An have said they would invest about US$50 million, according to sources.

HONG KONG ECONOMIC JOURNAL

--Mingfa Group, a Fujian-based real estate developer, plans to extend its pre-marketing road show for its initial public offering to next week from this Friday. The firm plans to be listed in early November, according to sources.

APPLE DAILY

-- Zhong An Real Estate (0672.HK) said it has agreed to acquire a piece of land in Hangzhou for 550 million yuan from the Hangzhou Bureau of Land and Resources.

ORIENTAL DAILY

--China Life Insurance said its unaudited premium income fell by 4.5 percent to 237.3 billion yuan in the first three quarters, compared with the same period last year, due to the adjustment of its product structure. (Reporting by Twinnie Siu, Editing by Jacqueline Wong)