July 22, 2014 / 1:55 AM / in 3 years

PRESS DIGEST - Hong Kong - July 22

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HONG KONG, July 22 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

South China Morning Post

-- Hong Kong does not need a controversial HK$30 billion ($3.87 billion) upgrade of its centralised wastewater treatment system as the water in the harbour is clean enough, at least for now, the city's environment officials say. (bit.ly/1rlh3uf)

-- The chief executive of the Hong Kong Monetary Authority, Norman Chan Tak-lam, defended the city's strict banking rules as some of the best in the world, amid a flurry of recent international concern over the territory's banking system. (bit.ly/1jSmZKm)

The Standard

-- Health and wellness products retailer OTO Holdings has been censured by the Hong Kong stock exchange for breaching the bourse's listing rules of twice failing to timely disclose its weaker results, along with its executive directors neglecting their undertaking to the bourse. (bit.ly/1rwQHHv)

-- Electronic books could soon turn a page to greater popularity in Hong Kong, says an e-book provider. Sino United Electronic Publishing content director Ivan Tsoi Yiu-ming said he is optimistic about e-books due to the popularity of tablet computers and smartphones. (bit.ly/UnUCHM)

-- Tissue paper firm Vinda International said net profit fell 21.8 percent in the first half to HK$222.18 ($28.66) million, from a year earlier, due to foreign exchange losses as the yuan weakened against the U.S. dollar. (bit.ly/1qZjEYT)

Hong Kong Economic Journal

-- Morgan Stanley has raised its stake in Wing Hang Bank to 5.03 percent from 4.84 percent, according to data from the Hong Kong stock exchange.

Hong Kong Economic Times

-- HK Electric Investments Ltd posted a profit of HK$967 million ($124.75 million) for the first half of 2014 while distributable income amounted to HK$1.46 billion.

Ming Pao Daily News

-- The average monthly rental of Hong Kong's 85 major residential developments stood at HK$23.2($2.99) per square foot in June, the highest monthly rental in 19 years, according to a report from property agent Centaline.

For Chinese newspapers, see............... ($1 = 7.7515 Hong Kong dollars) (Reporting by Donny Kwok; Editing by Sunil Nair)

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