HONG KONG, Nov 11 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Monday. Reuters has not verified these stories and does not vouch for their accuracy.
-- China’s hedge fund sector has received a shot in the arm with the establishment of a Sino-foreign joint venture between Gottex Fund Management and VStone Asset Management, which is likely to open the floodgates for a huge capital inflow into upcoming domestic hedge fund managers. ()
-- Baidu, claiming more than 80 percent of web-page searches in China in September, is contending with aggressive foes in Qihoo 360 and a Tencent-Sogou alliance. Qihoo claimed it commanded a 20 percent market share of web-page searches in October and targeted a 25 percent share by the end of the year. ()
-- Lenovo uses Bollywood icon to burnish its credentials in India, tipped to become the third-largest smartphone market by 2017. According to IDC, Lenovo’s market share in India stood at 9.3 per cent in the second quarter. ()
-- Shanghai has become the latest mainland city to raise the downpayment requirement for buying a second home to 70 percent from 60 percent, following in the footsteps of Beijing and Shenzhen. ()
-- Wheelock and New World sold the latest batch of 100 units at The Austin residential development on Saturday despite unit prices being raised to an average of HK$29,101 ($3,800) per sellable square foot. One-fifth of the buyers were mainlanders. ()
-- American Express sees great potential for the corporate credit card market in Hong Kong. The New York-based company now helps 17 percent of Fortune 500 companies manage their corporate payments, and had seven million corporate cards around the world at end of 2012. ()
-- The world’s largest private equity fund Warburg Pincus may request redemption of HK$1.55 billion of convertible bonds issued by property developer Mingfa Group International , which has been actively in talks with other funds to secure funding, according to market sources.
-- China’s e-commerce giant Alibaba expects total online transaction volume to hit 30 billion yuan ($4.93 billion)on a single day on Nov. 11 Online Festival in the mainland. Industry experts see the festival helps Alibaba to generate one billion yuan in advertising revenue.
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