PRESS DIGEST - Hong Kong - Sept 2
HONG KONG, Sept 2 (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. SOUTH CHINA MORNING POST
-- Bank of East Asia (0023.HK) plans to hire 120 new staff on hopes of a stronger economy in the second half of the year, according to the bank's management. It is the latest lender preparing for better times following HSBC's (0005.HK) plans to add 100 staff for its wealth management business, and Standard Chartered Bank's (2888.HK) move of recruiting 100 new employees.
-- Morgan Stanley (MS.N) has agreed to sell its 219-unit Shanghai serviced apartment block Shama Xijiahui for 780 million yuan ($114.2 million), according to a person familiar with the deal. The deal showed the latest sign international funds are cashing in on the Hong Kong and mainland market recovery.
HONG KONG ECONOMIC TIMES
-- Chinese gas provider Yingde Gases is seen raising up to $300 million in an initial public offering in Hong Kong later this month and a hearing on its listing will be held on Thursday, according to market sources. Morgan Stanley (MS.N) and Goldman Saches (GS.N) are handling the deal.
APPLE DAILY
-- Chinese building materials maker BBMG (2009.HK) aims to expand cement production capacity by 20 million tonnes this year and by 30 million tonnes next year, and capital expenditure for the second half of the year will amount to 3.67 billion yuan, executive chairman Jiang Weiping said.
TA KUNG POA
- Real estate developer Guangzhou Investment (0123.HK) sold 247,000 square metres of apartments in the first eight months of this year, generating HK$2.53 billion or 58 percent of its full year sales target, said executive director Tang Shouchun. - Developer Greentown China (3900.HK) raised its full-year sales target by 26 percent to 38 billion yuan ($5.56 billion) but said the explosive growth in transaction volumes in the first half will not be repeated in the second half as sale volumes declined in July and August due to diminished stockpiles available for sale, said CEO Shou Bainian.
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