PRESS DIGEST - Hong Kong - Aug 7

HONG KONG Wed Aug 6, 2014 10:18pm EDT

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HONG KONG Aug 7 (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

-- A High Court judge's ruling that entertainment tycoon Albert Yeung Sau-shing can go ahead with his defamation lawsuit against Google is a decision that could have far-reaching consequences for the future of its search engine. Yeung wants to sue the U.S. technology giant because the "autocomplete" function of its search engine links him to triad gangs. (bit.ly/1kJe2DS)

-- PCCW, the flagship conglomerate of billionaire Richard Li Tzar-kai, is looking to push forward new investments in information technology services and networks after it posted solid earnings for the six months to June 30. (bit.ly/1qXu2Vu)

-- Tencent will begin a fresh crackdown on fraud, pornography and "spreading rumours" on its hugely popular WeChat messaging application. The mainland technology giant would target the approximately 5.8 million public accounts on the service, it said on its own WeChat account. (bit.ly/1knxdTh)

THE STANDARD

-- Cheuk Nang plans to sell its Wan Chai headquarters as Chairman Cecil Chao Sze- tsung says Hong Kong's declining competitiveness and worsening governance is forcing him to reduce his local investment. (bit.ly/1lBUoom)

-- Hong Kong is the multimillionaire capital of the world, although London has the largest millionaire population. A new study by wealth consultancy New World Wealth found that Hong Kong is tops for multimillionaires with the number of individuals holding at least $10 million worth of net assets totalling 15,400. (bit.ly/XFu86X)

-- Hong Kong's largest ginseng wholesaler, Hang Fat Ginseng , plans to enter e-commerce to boost its retail business. Chairman Matthew Yeung Wing-yan said the firm wants to set up an online platform based in Qianhai by the year-end. (bit.ly/1tYQeyD)

HONG KONG ECONOMIC JOURNAL

-- Sun Hung Kai Properties offers 12 houses of its Twelve Peaks residential project on the Peak in Hong Kong for sale at an average HK$127,000 ($16,386) a sq ft, of which the most expensive one is put for sale at HK$176,000 per sq ft, set to be the world's most expensive.

For Chinese newspapers, see............... (1 US dollar = 7.7505 Hong Kong dollar) (Reporting by Donny Kwok; Editing by Subhranshu Sahu)

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