PRESS DIGEST - Hong Kong - May 27

HONG KONG, May 27 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.

HONG KONG ECONOMIC TIMES

-- The financial sector estimated Hong Kong Financial Secretary John Tsang's relief package could help boost GDP growth by 0.5 percent.

APPLE DAILY

-- Half a million taxpayers can expect refund cheques in October after Financial Secretary John Tsang announced a HK$16.8 billion (US$2.15 billion) relief package, including an increased refund for income tax payers capped at HK$8,000 each.

SING TAO DAILY

-- A total of HK$3.5 billion of the government relief package was set aside to waive fees and increase credit guarantees for small and medium-sized enterprises under an initiative to protect employment.

SOUTH CHINA MORNING POST

-- The liquidator of Lehman Brothers won court approval on Tuesday to get advance payment of 75 per cent of the HK$291 million in fees it has charged for dismantling the collapsed investment bank's Hong Kong operations.

THE STANDARD

-- The Hong Kong stock exchange does not rule out the possibility of postponing the launch of quarterly reporting if a majority of market participants come out against it. The Hong Kong bourse plans to launch a consultation paper next month on the introduction of quarterly reporting, but a chorus of Hong Kong's corporate chiefs, including Cheung Kong (Holdings) (0001.HK) Deputy Chairman Victor Li, have already expressed their reservations.

HONG KONG ECONOMIC JOURNAL

-- Pan-democratic legislators criticised the relief package announced by Hong Kong's Financial Secretary as inadequate and expressed doubts that the government's move carried political considerations.

WEN WEI PO

-- The cost of building the Western extension of the MTR Hong Kong Island line has soared by 73 percent to HK$15.4 billion. The government will subsidise as much as HK$12.7 billion, but MTR Corp (0066.HK) is required to pay for the shortfall or return the money if over-subsidised.

HONG KONG DAILY NEWS