PRESS DIGEST - Hong Kong - June 27

HONG KONG, June 27 Wed Jun 26, 2013 10:11pm EDT

HONG KONG, June 27 (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

-- McDonald's in Russell Street in Causeway Bay has been forced to move out as it could not afford the rent. The 6,000 square feet shop had been leased to cosmetic retailer Sa Sa International Holdings for HK$1.58 million ($203,600) a month which is more than three times the monthly rent paid by McDonald's. ()

-- Nexteer Automotive Group Ltd, the world's fifth-largest supplier of steering systems, and a mainland media and advertising company Wisdom Group, have deferred their plans to list in Hong Kong amid fears over the United States tapering its quantitative easing programme and the deteriorating macroeconomic outlook on the mainland. ()

-- Hong Kong Express Airways, controlled by mainland-based HNA Group, would transform itself into a budget airline by late-October, aiming to have a fleet of 30 planes in five years. It also said fares will be at least 30 percent lower than those of rival Cathay Pacific Airways. ()

HONG KONG ECONOMIC JOURNAL

-- Kowloon Development Co Ltd property sales in the first half of this year exceeded HK$10 billion, beating last year's full-year performance, as it benefited from selling property projects in Macau and on the mainland, said Chairman Or Wai Sheun.

THE STANDARD

-- Airport Authority Hong Kong said net profit hit a record high of HK$5.62 billion in the past fiscal year, driven by strong traffic and a surge in passenger spending at retail shops. ()

-- Local shoe retailer S Culture, one of four listing candidates to open its retail book on Friday, has attracted Lifestyle International Holdings managing director Thomas Lau Luen-hung as a cornerstone investor. ()

ORIENTAL DAILY

-- Chinese developer Yuexiu Property Co Ltd said it has acquired a parcel of commercial land in Hangzhou City for 584 million yuan ($95.01 million).

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