PRESS DIGEST -Hong Kong - Sept 18
HONG KONG, Sept 18
HONG KONG, Sept 18 (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
-- Billionaire Li Ka-shing, the chairman of Cheung Kong Holdings Ltd and Hutchison Whampoa Ltd, said Hong Kong will lag behind if it does not accelerate the pace of its development. Li urged Hongkongers to unite to improve the city, and said his flagship companies would not pull their assets out of Hong Kong. (link.reuters.com/fev23v)
-- The Jinan court hearing the case of disgraced Politburo member Bo Xilai is expected to hand down its verdict this weekend, a source with direct knowledge of the case said. (link.reuters.com/gev23v)
-- United Overseas Bank (UOB), one of Singapore's three biggest banks by assets, has launched a new foreign direct investment advisory unit in Hong Kong and aims to double its business between the city and Southeast Asia in three years. (link.reuters.com/jev23v)
HONG KONG ECONOMIC JOURNAL
-- Cheung Kong Holdings Chairman Li Ka-shing warned that the negative impact of current housing curbs will emerge next year, and said the property market is subject to government policies.
HONG KONG ECONOMIC TIMES
-- The initial public offering of International Houseware Retail Co, which operates Japan Home Center in Hong Kong, was oversubscribed 145 times, freezing HK$8.86 billion ($1.14 billion) worth of subscriptions from retail investors.
-- Chinese home appliance retailer Suning Commerce Group Co Ltd's application for the name 'Suning Bank Co.' has been approved. The bank, likely to open by March at the earliest, is set to be among the first batch of private banks in China.
SING TAO DAILY
-- Agricultural Bank of China Ltd , the country's third-largest bank, is seen in talks to buy a stake in Hong Kong lender Wing Hang Bank Ltd, market sources said.
-- Hong Kong's three major developers, Cheung Kong Holdings Ltd, New World Development Co Ltd and Sun Hung Kai Properties Ltd, may launch new residential projects next month, providing a total of 3,204 units to the market.
For Chinese newspapers, see............... ($1 = 7.7540 Hong Kong dollars) (Reporting by Twinnie Siu; Editing by Subhranshu Sahu)