PRESS DIGEST- Hong Kong - Jan 7
Jan 7 (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
-- Power Assets Holdings Ltd, an international utilities firm controlled by Asia's richest man Li Ka-shing, said its shareholders had approved a proposed spin-off listing of its Hong Kong electricity arm, paving the way for a fund-raising scheme worth up to HK$44.4 billion. (link.reuters.com/wyv75v)
-- A government authority has issued a veiled warning against developers promoting units at new projects based on prices after discounts. The Sales of First-hand Residential Properties Authority said developers might be breaching the new rule if they promoted their projects with discounts factored in when calculating the average price of units. (link.reuters.com/baw75v)
-- Three mainlanders deny charges of possessing bogus bank documents totalling HK$90 billion in relation to the failed Hong Kong Mercantile Exchange. (link.reuters.com/daw75v)
-- Listing candidate Miko International Holdings attracted HK$18.9 billion worth of margin orders from investors before ending book building on Tuesday. The amount represents 510 times the children apparel retailer's retail target. (link.reuters.com/faw75v)
-- Property transactions last year fell to a 17-year low of 70,503 deals after authorities imposed a series of housing curbs and the new law on first-hand flat sales. This represents a 39 percent plunge from 2012 and a 35.2 percent fall from 2011, the Land Registry revealed. (link.reuters.com/gaw75v)
HONG KONG ECONOMIC JOURNAL
-- Mainland property firms are expected to restart a wave of bonds issuing ahead of an expected interest rate hike, with Guangzhou R&F Properties Ltd and Kaisa Group Holdings Ltd issuing a total of HK$7.8 billion ($1.01 billion) notes on Monday. Country Garden Holdings, Shimao Property and Agile Property Holdings are expected to make similar moves.
HONG KONG ECONOMIC TIMES
-- The government is planning to convert eight land plots in Tai Po area to residential use, potentially providing more than 10,000 residential units.
-- Livzon Pharmaceutical Group Inc is expected to make its debut in Hong Kong stock exchange as early as next Thursday, a move that would make it the second company to convert its Shenzhen-listed B shares to Hong Kong's H shares after China International Marine Containers Group Co Ltd .
For Chinese newspapers, see............... ($1 = 7.7547 Hong Kong dollars) (Compiled by Yimou Lee; Editing by Anand Basu)