PRESS DIGEST - Hong Kong - Aug 21

HONG KONG Wed Aug 20, 2014 10:12pm EDT

HONG KONG Aug 21 (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

-- Every Hongkonger over 65 would get a pension of HK$3,000 ($387) a month without a means test under a scheme put forwarded on Wednesday. A long-awaited government-commissioned study said the pension should be funded partly by contributions ranging from 1 to 2.5 percent of employees' salaries, paid by both employers and workers. (bit.ly/1tiYnfT)

-- Officials in charge of China's state-owned enterprises, particularly those in finance and banking, face pay cuts of up to 50 percent and new job descriptions under a reform plan approved by President Xi Jinping, according to sources. (bit.ly/1tniZCJ)

-- The mainland's securities regulator has given 11 companies the go-ahead to launch their initial public offerings on the Shanghai and Shenzhen stock exchanges, a move expected to drag down the market because of strong investor interest in newly listed shares. (bit.ly/YBEllu)

THE STANDARD

-- U.S. economist Arthur Laffer says Hong Kong has the best tax system in the world, and the government is not responsible for solving the rich and poor gap, while subsidies for the poor "have to be very careful." (bit.ly/1tj0PD7)

HONG KONG ECONOMIC JOURNAL

-- Asia Standard International Group Ltd Chairman Clement Fung, through his family-controlled Treasure Mega Ltd, won a bid for a residential site in New Territories' Tuen Mun for HK$156 million ($20 million), while CSI Properties won another piece of land in the same district for HK$427 million.

HONG KONG ECONOMIC TIMES

-- Handbags and fashion accessories retailer Milan Station Holdings Ltd's first-half net loss widened to HK$19.3 million ($2.5 million) from a loss of HK$10.3 million in the year-ago period, with revenue up 0.2 percent at HK$329 million.

-- Hotel operator The Hongkong and Shanghai Hotels Ltd posted a 73 percent rise in first-half underlying profit at HK$283 million ($36.5 million).

For Chinese newspapers, see............... (1 US dollar = 7.7506 Hong Kong dollar) (Reporting by Donny Kwok; Editing by Subhranshu Sahu)

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