PRESS DIGEST - Hong Kong - Oct 31
HONG KONG Oct 31 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
-- The high cost of renting an office in Hong Kong is forcing more consulates out of core districts. The consulate of Sweden and the Canadian consulate' visa department have moved out from Central, while the Romanian consulate has shifted from Admiralty to North Point. (link.reuters.com/wyv63t)
-- The Securities and Futures Commission has run up a deficit in recent months and expects worse in this quarter because lower market turnover has cut income from a levy investors pay on share transactions, according to people familiar with the situation. (link.reuters.com/xyv63t)
-- Hong Kong Exchanges and Clearing, Shanghai Stock Exchange and Shenzhen Stock Exchange have set up a joint venture, China Exchanges Services, which will launch three indices in the next two months to track cross-border stocks. (link.reuters.com/zyv63t)
HONG KONG ECONOMIC JOURNAL
-- Fashion retailer I.T. Ltd said net profit for the six months ended June totalled about HK$121 million ($15.61 million), down 20 percent from a year earlier.
-- Property developer K Wah International Holdings Chairman Lui Che-woo said homeowners cannot handle prices of their property falling more than 10 percent after the imposition of new cooling measures on the residential property market.
-- Cheung Kong Holdings real estate director Francis Wong said he thinks mainlanders will account for just 10 percent of buyers at the group's new residential project, One West Kowloon, compared with 20 percent seen recently at other projects, because of the new cooling measures.
HONG KONG ECONOMIC TIMES
-- Huadian Power International said it expects net profit for this year to rise substantially as compared with 2011, due to significant increase in the profit of the company's principal businesses such as power generation and heat supply.
WEN WEI PO
-- China's National Council for Social Security Fund sold 500,000 H-shares of Sinopharm Group Co Ltd, the country's top pharmaceutical products distributor, at an average of HK$25.515 each for about HK$12.8 million on Oct. 24, according to an exchange disclosure.
For Chinese newspapers, see............... ($1 = 7.7502 Hong Kong dollars)
(Reporting by Twinnie Siu; Editing by Prateek Chatterjee)
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