PRESS DIGEST- Hong Kong - Aug 28
HONG KONG Aug 28 (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
-- Tenwow International, a Shanghai-based maker of packaged food and beverage products, started its pre-marketing campaign in a bid to raise about $200 million through a Hong Kong float next month. ()
-- State-controlled developer Greenland Group plans to focus on real estate projects in the Yangtze and Pearl river deltas over the next five years. It would also inject the best of its recent mainland projects into the listed company to help it achieve contract sales of 10 billion yuan ($1.63 billion) next year and 50 billion yuan by 2018. ()
-- CEF Holdings, a venture between Hong Kong tycoon Li Ka-shing's flagship company and Canadian Imperial Bank of Commerce (CIBC), is looking to invest in gold mining companies after a slump in prices created buying opportunities. ()
-- Developers, include New World Development Co Ltd and Cheung Kong Holdings Ltd, have begun competing for home buyers by offering steep price discounts on new properties, raising the prospect of an intensifying price competition as new projects come into the market. ()
HONG KONG ECONOMIC TIMES
-- Yanchang Petroleum International Ltd would fully acquire Novus Energy Inc, a Canada-based oil and gas company, for 500 million Canadian dollars ($475.94 million), according to market sources.
-- China CITIC Bank Corp proposed to raise as much as 37 billion yuan through a bond issue to replenish its capital adequacy ratio. ()
-- The Wharf (Holdings) Ltd is bidding for a highly coveted plot in Shanghai's Xujiahui neighbourhood, said deputy chairman and managing director Stephen Ng, adding that Wharf has sufficient funds for the bid. The site's base price is 17 billion yuan. ()
MING PAO DAILY NEWS
-- PICC Group Executive Director Li Liangwen said its joint venture with American International Group (AIG) is expected to launch early next year pending regulatory approval.
WEN WEI PO
-- Chinese developer Sunac China Holdings Ltd would launch 12 new residential projects in the second half and is confident of achieving a full-year sales target of 45 billion yuan, said Chief Financial Officer Huang Shuping.
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