PRESS DIGEST-Hong Kong - Oct 11
HONG KONG Oct 11 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Friday. Reuters has not verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
-- The Hong Kong government should grab the opportunity to make the city the home for the new Asian infrastructure investment bank proposed by President Xi Jinping during his trip to Southeast Asia last week, said a top banker and influential political adviser to Beijing. JP Morgan's Fang Fang said the city is perfect for the head office of an Asian infrastructure bank the Chinese president is keen to launch. (link.reuters.com/fek73v)
-- Rising production costs on the mainland may pose a challenge for Hong Kong entrepreneurs, but a PwC study released cautions against chasing lower production costs in Southeast Asia instead of innovating. "Entrepreneurs can no longer benefit from a low-cost environment (on the mainland)," PwC Hong Kong and China South Entrepreneurial Group head Richard Sun said.(link.reuters.com/hek73v)
-- Top-end office rents in Beijing dipped slightly in the third quarter of the year but the softening is likely to be temporary, according to London-based property consultancy DTZ. The average rent for grade A offices in Beijing fell nearly 0.4 percent between July and September on a quarter-on-quarter basis, as a large, new office building entered the market and a number of tenants in core business zones moved to cheaper locations. (link.reuters.com/kek73v)
-- Thailand's Charoen Pokphand Group and Australia's Woolworths are believed to be the final bidders for ParknShop as Japan's Aeon Group and China Resources Enterprise are understood to think the HK$30 billion ($3.87 billion) asking price is too steep. (link.reuters.com/vek73v)
HONG KONG ECONOMIC JOURNAL
-- Property group Lai Sun Development Com Ltd has secured a hotel development project from theme park operator Ocean Park with total investment amounting to HK$4.1 billion ($528.7 million) and the project is scheduled to complete in 2017.
HONG KONG ECONOMIC TIMES
-- Geely Automobile Holdings Ltd said total sales volume for January-September was about 376,000 units, up 16 percent from the same period a year earlier, and achieved 67 percent of its annual target.
MING PAO DAILY NEWS
-- China's Shuanghui International Holdings Ltd, which completed its purchase of U.S. pork giant Smithfield Foods Inc, is interested to seek a listing in Hong Kong but it has no concrete plans yet, said a company senior executive, responding to market rumour that the group is set to raise HK$7.8 billion ($1.01 billion) in a listing in the city.
For Chinese newspapers, see............... ($1 = 7.7547 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Anand Basu)