HONG KONG May 23 These are some of the leading
stories in Hong Kong newspapers on Friday. Reuters has not
verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
-- An Italian journalist who mounted an undercover operation
to expose a suspected eastern European gangster told the
District Court how easy it was to set up a money-laundering
operation in Hong Kong. (link.reuters.com/nuq59v)
-- A more complete picture of Hong Kong, including all the
off-street nooks and crannies, will soon be available online in
3D, via mapping developed by the University of Science and
Technology. The comprehensive map of the city is being touted as
better than those from Google and Apple. (link.reuters.com/puq59v)
-- Shanghai vice-mayor Tu Guangshao has heralded further
financial liberalisation in the city's free-trade zone, fuelling
speculation about future full convertibility of the yuan in the
test bed for mainland economic reform. (link.reuters.com/quq59v)
-- Cheung Kong Holdings has priced its first batch
of 350 units at City Point in Tsuen Wan close to those of
secondary homes nearby, prompting some owners to cut their
asking prices. The joint project has a price tag of up to
HK$12,071 ($1,600) per sellable sq ft after a discount of up to
15.75 percent. (link.reuters.com/suq59v)
-- The "Father of Lan Kwai Fong," Allan Zeman, says he
supports the idea of Hong Kong expanding into Hengqin in Zhuhai
or Nansha as Hong Kong needs to compete with mainland cities. (link.reuters.com/vuq59v)
-- Staff training budgets grew to 3.1 percent of annual
salaries last year, the highest since 2009, as companies want to
develop and retain staff, a survey by personnel experts showed.
This is the second-biggest proportion since 2004, the study by
the Hong Kong Institute of Human Resource Management found. (link.reuters.com/wuq59v)
HONG KONG ECONOMIC JOURNAL
-- Sunac China Holdings Ltd said it would buy 24.3
percent of Greentown China Holdings Ltd for about
HK$6.3 billion ($812.52 million), a price equivalent to HK$12
per Greentown share or 56 percent premium to the previous close.
-- Property-to-transportation group Shun Tak Holdings Ltd
said it would sell its funeral service business in
Macau for HK$624 million ($80.48 million).
HONG KONG ECONOMIC TIMES
-- Li & Fung Ltd's planned spinoff firm Global
Brands Group is set to be a high growth company and is planning
to acquire more brands which have potential to expand globally,
according to Chief Executive Officer Bruce Rockowitz.
For Chinese newspapers, see...............
($1 = 7.7537 Hong Kong Dollars)
(Reporting by Donny Kwok; Editing by Subhranshu Sahu)