PRESS DIGEST - Hong Kong - June 26
HONG KONG, June 26
HONG KONG, June 26 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
-- Questions have arisen over the Airport Authority's dividend policy after it paid a record HK$5.3 billion to its sole shareholder, the Hong Kong government. The generous dividend comes as the airport operator struggles to formulate a financing plan for a multibillion-dollar runway expansion that it has been advocating. (bit.ly/1wz9dyz)
-- Brokers are clamouring for tighter rules on cornerstone investors as retail punters complain they are being increasingly squeezed out of Hong Kong's lucrative initial public offering market and this has cut the income stream from the clients their businesses depend on. (bit.ly/1wzagyu)
-- Mall and logistics park operator China South City plans to spend HK$16 billion ($2.06 billion) in the coming financial year to buy land and develop more facilities to support a partnership with e-commerce giant Tencent. Income from services developed for e-commerce should triple over the next three years, it said. (bit.ly/1rAlj7T)
-- A site at Ma On Shan in Hong Kong's New Territories was sold for just HK$703.8 million ($90.80 million), a 10-year low in the district, despite drawing 18 tenders. The price of the 33,272 sq ft plot won by Wang On Group and Kam Wah Holdings was at the lower end of estimates. (bit.ly/1lqBSme)
-- China Gas Holdings, which supplies to 237 cities in the mainland, said annual profit surged 47 percent as demand for cleaner-burning fuel rose. (bit.ly/1pPXUjn)
HONG KONG ECONOMIC JOURNAL
-- The Hong Kong Trade Development Council has lowered the city's export growth forecast to 4.5 percent for 2014 from an initial 5.5 percent, but it holds an optimistic view for the sector as global trading environment improves.
HONG KONG ECONOMIC TIMES
-- Chinese pharmaceutical products developer and producer Luye Pharma Group Ltd IPO-LYPG.HK opens its retail book on Thursday, aiming to raise up to HK$5.9 billion ($761.14 million) in its initial public offering in Hong Kong.
MING PAO DAILY NEWS
-- Hong Kong restaurant chain Fulum Group is expected to raise about HK$800 million ($103.21 million) in its initial public offering, and mattress maker Sinomax is seen to raise HK$780 million in its IPO next week, according to market sources.
For Chinese newspapers, see............... ($1 = 7.7515 Hong Kong Dollars) ($1 = 6.2090 Chinese Yuan Renminbi) (Reporting by Donny Kwok; Editing by Subhranshu Sahu)