PRESS DIGEST - Hong Kong - Sept 10
HONG KONG, Sept 10 (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
-- Growing protectionism may scupper Coca-Cola's (KO.N) HK$19.65 billion takeover of China Huiyuan Juice (1886.HK), and European Chamber of Commerce in China warned that surging economic nationalism was holding back European business on the mainland and deferring foreign investment.
-- China Mobile Communications unveiled tariff plans for its 3G mobile service, about 69 percent cheaper than a similar plan for its 2G customers, in an effort to retain subscribers before rivals join the race later this year.
-- Renhe Commercial, China's largest operator of underground shopping centres, has kicked off pre-marketing of its scaled-back HK$4.5 billion ($577 million) initial public offering in Hong Kong selling 2 billion new shares at an indicative valuation of less than 10 times its forecast earnings for next year, according to sources.
-- Legend Holdings, parent of Lenovo Group (0992.HK), plans to sell 2 billion yuan worth of 7-year bonds later in September, raising capital to boost its investment through its private equity arm and to repay bank loans, according to an industry source.
-- Hong Kong developers are preparing to launch 12 residential projects, offering a total of 9,163 units in the territory in the next few months amid signs of recovery following encouraging sales of projects in Tung Chun on Lantau and in Central on Hong Kong island, according to property agents.
-- Major Hong Kong property transactions of more than HK$100 million each fell 14.8 percent in the first 8 months of the year to 155, while total investments dropped 23 percent to HK$36 billion, according to property consultant DTZ.
THE STANDARD
-- Lee Shau-kee, chairman of Henderson Land 012.HK, said he expected more bad news from the United States because problems there had not yet been solved and he intended to sell shares in Hong Kong because the local stock market remained turbulent.
-- Henderson Land (0012.HK) remains confident in the mainland property market and expects to reap up to 1.5 billion yuan ($219.4 million) from 11 property projects that are set to be launched later this year and in the first half of 2009, according to executive director John Yip.
HONG KONG ECONOMIC JOURNAL
-- Three mainland stores of watch retailer Peace Mark (0304.HK) have had 300 million yuan ($43.87 million) worth of merchandise frozen by creditor BEA China since Monday, and other creditors are likely to follow suit, according to market sources. MING PAO
-- Major Chinese property developers such as Country Garden (2007.HK), Shimao Property (0813.HK) and Evergrande are substantially reducing prices of their flats following price cuts by Vanke (000002.SZ). Analysts warned that price competition would scare buyers away, extending the market weakness.
-- Australia's iron ore mining group Resources Development International is expected to submit a listing application in Hong Kong soon, aiming for a listing before the end of the year in an effort to raise about HK$31.7 billion, according to sources. Macquarie and UBS are arranging the deal. ($1=6.838 Yuan)
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