PRESS DIGEST - Hong Kong - Dec 31
HONG KONG, December 31 (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.
HONG KONG ECONOMIC TIMES
-- Hong Kong's television industry is entering a new era with the launch of digital broadcasting today.
-- Sun Hung Kai (0016.HK) and New World Infrastructure (0017.HK) will announce details of the sales arrangement for their joint residential project in Hunghom. The new flats were converted from government-subsidised flats after the subsidy plan was aborted several years ago.
APPLE DAILY
-- A construction contractor firm is prepared to launch its IPO for a US$200 million public listing plan to float shares on the Hong Kong stock exchange. The company may become the first new stock of 2008 around Lunar New Year in early Feb.
-- Domestic and foreign firms in mainland China will be levied the same corporate tax rate, as new tax laws take effect. Some Hong Kong-backed firms have prepared funds for lay-offs while some are considering closing because of the higher operating costs expected.
SING TAO DAILY
-- Shares in Emperor Capital Group Ltd have seen the sharpest growth among all new stocks since its public listing in April. The stock has surged 257 percent from its offer price.
SOUTH CHINA MORNING POST
-- The government of Dengfeng city -- birthplace of kung fu and home to the famed Shaolin Monastery -- plans to list its main tourist facilities in Hong Kong. The monastery will not be included in the public listing.
-- Beijing has made clear it wants to cool the red-hot property market using a range of measures, but analysts doubt if Beijing will be able to introduce a property tax by the end of 2008.
-- Baidu.com's CFO has died. Shawn Wang, finance head of the mainland-based internet search company died in an accident on December 27, the company said.
THE STANDARD
-- HSBC Holdings (0005.HK) (HSBA.L) is under pressure from one of its shareholders, American pension fund Calpers, to restructure its management team. Calpers head of global equities Christy Wood has forced the bank to outline plans for radical change before July 1 next year, according to reports.
-- The Harbour Fest concert series organised by the government after SARS in 2003 was the most wasteful use of public funds for the 10 years since the handover, a concern group survey has found. The building of the Disneyland theme park came second.
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