PRESS DIGEST -Hong Kong - Aug 20
HONG KONG Aug 20 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
-- Tigerair, the Singapore-based low-cost carrier, will focus on cutting losses at its subsidiaries in Indonesia, the Philippines and Australia before moving on to north Asia. It has no plans of growing farther than Shanghai but would add two destinations in south China by October. ()
-- Shum Yip Land, the commercial property arm of Shenzhen Investment, will invest 20 billion yuan ($3.27 billion) in its UpperHills commercial-residential project in Shenzhen, said deputy general manager Peter Kok. The project was scheduled for completion in 2017 or 2018. ()
-- British insurer Prudential aims to double its operating profit from its businesses in the region over the next three years as the middle classes of Asia rise, according to Barry Stowe, the chief executive of Prudential Asia. The insurer's fundamental tactic is to penetrate 13 Asian markets by a mix of insurance agency and bancassurance, he added. ()
HONG KONG ECONOMIC JOURNAL
-- Local restaurant chain Tsui Wah Holdings Ltd will continue its expansion in the mainland in the second half and also plans to add 4 to 5 branches in Hong Kong by the end of this year, said chairman Lee Yuen-Hong.
-- Hong Kong remains the most expensive city in the world for retailers but the growth of rent has been slowing down, according to CBRE's research report. The territory's retail rent ranks the first at $4,328 per sq ft per annum, followed by New York, Paris, and London. ()
-- Xu Long, general manager of China Mobile Ltd's Guangdong operations, has been held by provincial disciplinary authorities over alleged serious violations of party discipline, confirmed the company's spokesperson.
WEN WEI PO
-- Poly Property Group Co Ltd has completed 56 percent of its 2013 full-year sales target of 26 billion yuan in the first six months, said Chairman Xue Ming. He added that the company will launch two residential projects in the mainland in the second half.
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