November 2, 2009 / 2:07 AM / 8 years ago

PRESS DIGEST - Hong Kong - Nov 2

HONG KONG, Nov 2 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Monday. Reuters has not verified these stories and does not vouch for their accuracy. SOUTH CHINA MORNING POST

-- Luxury items by brands such as Chanel, Gucci, Hermes and Louis Vuitton can now be used as collateral in the personal-loan market. Upmarket pawn brokerage Yes Lady Finance is providing loans of up to 70 percent of the value of the item in the second-hand market and charging borrowers interest as low as 28 percent a year with a three-month maturity.


-- R&F Properties (2777.HK) said contracted sales for the first 10 months of 2009 totalled 20.62 billion yuan ($3.02 billion), up 61 percent from a year earlier, and representing 90 percent of its sales target for the year. In October, contracted sales jumped 78 percent on year to 2.19 billion yuan.


-- Mainland companies remain eager to tap the local market, with packaging firm CPMC Holdings and China High Precision Automation set to kick start IPOs to raise a combined HK$2.28 billion ($294 million).


-- Esprit Holdings Ltd (0330.HK) said Ronald Van der had officially taken up the post of group chief executive officer on Nov 1, and former chief Heinz Jurgen Krogner-Kornalik would remain as executive chairman.


-- The international placing portion of the Hong Kong initial public offering of CPMC Holdings Ltd, a packaging unit of COFCO, is seen five times oversubscribed. CPMC is selling 200 million shares to raise up to HK$1.08 billion.


-- Qunxing Paper Holdings (3868.HK) plans to invest 563.5 million yuan ($82.55 million) in a wind farm in Inner Mongolia to diversify its business from producing decorative base paper, according to chairman Zhu Yu-guo.


-- West China Cement, the largest cement producer in China’s Shanxi province, has submitted a listing application to Hong Kong’s stock exchange, aiming to raise more than HK$7 billion ($903 million) in 2010, according to sources.

For Chinese newspapers, see...............[PRESS/CN]

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