HONG KONG Dec 6 These are some of the leading stories in Hong Kong newspapers on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
-- Cheung Kong (Holdings) Ltd, which offered 100 units of its Lai Chi Kok project, said it has collected around HK$300 million ($38.71 million) selling 30 units in the first hour of launch, a result that market watchers described as poor sales performance. ()
-- China Mobile Ltd, the world's biggest mobile operator by subscribers, is working on setting up an internet company, Chief Executive Li Yue confirmed, ending months of speculation. He did not give further details. ()
HONG KONG ECONOMIC JOURNAL
-- Chinese Estates Holdings Ltd said its subsidiary, Billion Up Limited, agreed to sell all its shares in Chi Cheung Investment Co Ltd, about 61.96 percent, for HK$560.5 million. The net proceeds are intended to be used by the group as general working capital.
HONG KONG ECONOMIC TIMES
-- Citigroup, which said it will cut 11,000 jobs worldwide to save $1.1 billion a year, plans to close seven branches in Hong Kong next year, accounting for 15 percent of its total number of branches in the city.
-- Overseas enterprises using the yuan for trade settlement are expected to account for 20 percent of China's overall trade volume by 2015 to 2016 from the current 12 percent, said Benjamin Hung, chief executive of Standard Chartered Hong Kong. ()
SING TAO DAILY
-- China Aoyuan Property Group Ltd has acquired a commercial land plot in Panyu district, Guangzhou city, for about 3.4 billion yuan ($546.16 million), mainland media reported. The site, which covers an area of 120,400 square meters, is meant for developing a high-end shopping complex.
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