PRESS DIGEST - Hong Kong - March 27

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

HONG KONG ECONOMIC TIMES

-- Li Ka-shing, chairman of both Cheung Kong Holdings (0001.HK) and Hutchison Whampoa (0013.HK), said China will see a recovery first in the financial tsunami and he does not foresee a major decline in his two companies' operations.

SING TAO DAILY

-- Mainland lender Industrial & Commercial Bank of China (1398.HK) said the mainland real estate industry has shown signs of recovery and industrial activity is up as the decline in electricity generation has narrowed.

SOUTH CHINA MORNING POST

-- The Hong Kong Monetary Authority will continue two of its five liquidity assistance measures - conducting foreign-currency exchange swaps and making term loans to banks - when needed after the emergency plan introduced last September expires at the end of this month.

-- Clothing retailer Giordano International (0709.HK), which posted a less than expected 5.4 per cent rise in full-year net profit, said it would close underperforming stores in Hong Kong but keep expanding on the mainland.

SING PAO

-- Standard Chartered Hong Kong (2888.HK) said it aims to extend its market share in Hong Kong with attention on opportunities that are possibly brought about by the yuan clearing business in the city.

TA KUNG PAO

-- The net profit of Guangzhou Investment (0123.HK) fell 41 percent year-on-year to 608 million yuan for 2008. The company said it has about 3 billion yuan of cash on hand adequate for adding its land reserve.

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