PRESS DIGEST - Hong Kong - May 23
HONG KONG May 23 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
-- Shopping malls will surpass office and residential space as the most profitable type of property investment on the mainland over the next two to five years, thanks to the nation's booming middle class and its fast-growing income, according to property investment firm ARA Asset Management. ()
-- Mainland conglomerate Fosun International Ltd will join New York-based Fortress Investment Group to develop five to six more housing projects for the elderly, mainly in major cities including Beijing, said Fosun chairman Guo Guangchang. ()
-- CSL, the largest wireless network operator in Hong Kong, started switching on additional 4G network spectrum to boost its high-speed mobile services coverage across the city. It said the expansion was made possible by more than HK$1 billion ($128.84 million) it had invested on network development and innovation since last year.()
HONG KONG ECONOMIC TIMES
-- Television Broadcasts Ltd said it won the exclusive broadcasting rights to air all 64 matches of the World Cup in Brazil next year and forecast the total investment will be HK$400 million including production expenses.
-- Hong Kong Mercantile Exchange Chairman Barry Cheung said it is not necessary for him to resign from public office pending a probe by the Securities and Futures Commission into his trading platform, but he will do so if necessary. ()
-- Following the lead of BOC Hong Kong, HSBC's premier account holders are offered mortgages at 2.15 percent, the lowest rate allowed by the Hong Kong Monetary Authority, a source said. ()
-- Wuzhou International Group Co Ltd, which specializes in real estate development in the Yangtze River Delta region, is planning to list on Hong Kong stock market on June 13, in a bid to raise up to HK$1.56 billion, according to market sources.
-- Shanghai developer CIFI Holdings Group Co Ltd said it has acquired a piece of land in Hangzhou, Zhejiang province, for 3.57 billion yuan ($582.28 million). The land is meant for residential and commercial use.
TA KUNG PAO
-- Industrial and Commercial Bank of China Ltd said its vice-president Yi Huiman will replace Yang Kaisheng as president. The appointment is subject to approval from Chinese regulators.
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