PRESS DIGEST - Hong Kong - Nov 11

HONG KONG Sun Nov 10, 2013 9:31pm EST

HONG KONG Nov 11 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Monday. Reuters has not verified these stories and does not vouch for their accuracy.

SOUTH CHINA MORNING POST

-- China's hedge fund sector has received a shot in the arm with the establishment of a Sino-foreign joint venture between Gottex Fund Management and VStone Asset Management, which is likely to open the floodgates for a huge capital inflow into upcoming domestic hedge fund managers. ()

-- Baidu, claiming more than 80 percent of web-page searches in China in September, is contending with aggressive foes in Qihoo 360 and a Tencent-Sogou alliance. Qihoo claimed it commanded a 20 percent market share of web-page searches in October and targeted a 25 percent share by the end of the year. ()

-- Lenovo uses Bollywood icon to burnish its credentials in India, tipped to become the third-largest smartphone market by 2017. According to IDC, Lenovo's market share in India stood at 9.3 per cent in the second quarter. ()

THE STANDARD

-- Shanghai has become the latest mainland city to raise the downpayment requirement for buying a second home to 70 percent from 60 percent, following in the footsteps of Beijing and Shenzhen. ()

-- Wheelock and New World sold the latest batch of 100 units at The Austin residential development on Saturday despite unit prices being raised to an average of HK$29,101 ($3,800) per sellable square foot. One-fifth of the buyers were mainlanders. ()

-- American Express sees great potential for the corporate credit card market in Hong Kong. The New York-based company now helps 17 percent of Fortune 500 companies manage their corporate payments, and had seven million corporate cards around the world at end of 2012. ()

HONG KONG ECONOMIC JOURNAL

-- The world's largest private equity fund Warburg Pincus may request redemption of HK$1.55 billion of convertible bonds issued by property developer Mingfa Group International , which has been actively in talks with other funds to secure funding, according to market sources.

HONG KONG ECONOMIC TIMES

-- China's e-commerce giant Alibaba expects total online transaction volume to hit 30 billion yuan ($4.93 billion)on a single day on Nov. 11 Online Festival in the mainland. Industry experts see the festival helps Alibaba to generate one billion yuan in advertising revenue.

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