PRESS DIGEST - Hong Kong - July 17
HONG KONG, July 17
HONG KONG, July 17 (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
-- Cathay Pacific Airways has lost market share on European cargo routes as freight rates sink on weak demand from the troubled euro zone, said cargo director Nick Rhodes. The airline expects the overcapacity problem in the cargo market will only correct in the last quarter of the year. (link.reuters.com/cut69t)
-- Swire Properties Inc, a subsidiary of Swire Properties Ltd in the United States, said it will expand its $1 billion retail-residential-office-hotel project in Miami, Florida, by buying an adjacent site at 700 Brickell Avenue for more than $64 million. (link.reuters.com/dut69t)
-- Maxi Base, a shopping mall in North Point, subdivided outlets to find buyers due to the weakening sentiment in the retail property market. The landlord, who hopes the smaller shops will draw interest, began selling 336 shopping units at asking prices ranging from HK$896,000 ($115,500) to HK$3.86 million. (link.reuters.com/fut69t)
-- Cheung Kong (Holdings) Ltd plans to put new projects in Tsuen Wan and Tai Po on the market by September, offering more than 1,700 flats, said Executive Director Justin Chiu. (link.reuters.com/gut69t)
-- Lenovo Group has never tried to increase its market share by deploying a low pricing strategy, said Chairman and Chief Executive Director Yang Yuan-qing, adding that the company will continue to boost gross profit margin and maintain its market leadership through new products. (link.reuters.com/hut69t)
HONG KONG ECONOMIC JOURNAL
-- Fuguiniao Co Ltd, a shoes and apparel company on the mainland, has submitted its listing application to the China Securities Regulatory Commission and Hong Kong stock exchange. It expects to complete the listing in the fourth quarter at the earliest, according to market sources.
HONG KONG ECONOMIC TIMES
-- Jewellery retailer Luk Fook Holdings (International) Ltd said same store sales growth of its retail business for the first quarter ended in June was 83 percent for the Hong Kong market and 117 percent for Macau.
WEN WEI PO
-- Beijing Enterprises Group, the parent of gas-to-beer conglomerate Beijing Enterprises Holdings Ltd, bought 28.15 million shares in China Gas Holdings Ltd at HK$8.21 each on July 11. In the process, it became the largest shareholder with a 21.57 percent stake, according to an exchange disclosure.
For Chinese newspapers, see............... ($1 = 7.7579 Hong Kong dollars) (Reporting by Twinnie Siu; Editing by Prateek Chatterjee)
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