PRESS DIGEST - Hong Kong - June 24
HONG KONG, June 24 (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 JOURNAL
-- The retail portion of the IPO of Chinese sportswear retailer 361 Degrees is expected to be about 40 times oversubscribed with about HK$9 billion in funds being tied up, while the international placing is anticipated to be four times oversubscribed. The issue price is likely to be fixed at mid range, market sources said. -- Bank of Communications (3328.HK) said it had received approval from the China Banking Regulatory Commission and the People's Bank of China for its plan to issue up to 25 billion yuan worth of subordinated bonds in China.
SOUTH CHINA MORNING POST
-- Luxury residential property prices in major Chinese cities have rebounded by as much as 20 percent from the bottom early this year, with demand fuelled by concern over inflationary pressures and stock market volatility, according to property agents.
-- The retail portion of the IPO of Chinese shampoo retailer Bawang International is expected to be at least 300 times oversubscribed, market sources said.
MING PAO
-- A consortium comprising Hopewell Holdings (0054.HK) and Sino Land (0083.HK) has won a tender for a residential redevelopment project in Wanchai. Surveyors estimate total investment at as much as HK$9 billion.
APPLE DAILY
-- Some 2,000 police will take to the street on Sunday for the first march by police in 32 years to protest pay conditions even though the government has undertaken a pay grade structure review.
WEN WEI PO
-- Second-largest Chinese sportswear maker Anta Sports Products (2020.HK) has been appointed the exclusive sponsor for China's delegation to the 2012 Olympic Games in London. CEO Lai shixian said the sponsorship deal would improve its competitiveness over the longer term.
-- With 61 new H1N1 influenza cases confirmed on Tuesday, all kindergartens, primary schools and secondary schools will begin their summer break early, once final examinations are finished, Hong Kong's education minister said.
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