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
-- JP Morgan Chase has bullish views on real estate in the city and expects property values to rise 10 percent this year and 5 percent the next.
SING PAO
-- Crocodile Garments (0122.HK) failed to win a majority of votes for its privatisation proposal, although the offer price was raised to HK$0.42 per share. Under a previous agreement, the company cannot propose privatisation again until after 2018.
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