PRESS DIGEST - Hong Kong - Sept 3

HONG KONG, Sept 3 (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

-- China's largest aluminium producer Chalco (2600.HK) will cut domestic capital expenses by as much as 30 percent over the next 3 years to preserve funds for possible merger and acquisitions opportunities amid an industry downturn. The company will also postpone completion of some projects and reassess new projects to tighten control of expenditure, according to chairman Xiao Yaqing. -- The Hong Kong securities watchdog Securities and Futures Commission has approved the Hong Kong stock exchange's plans to relax rules that banned short selling in a falling market, overruling opposition from stockbrokers worried relaxing the restrictions could lead to a further slump.

-- Macau casino revenue rose 44 percent to 9.6 billion patacas (US$1.2 billion) last month despite China's visa restrictions on mainlanders visiting the gaming city, according to a preliminary report.

-- China Railway Group (0390.HK) plans to issue up to 15 billion yuan (US$2.2 billion) in short-term corporate bonds to reduce its long-term debt, according to vice president Li Jiansheng.

-- A row is looming over the release of exit poll results before the close of voting in Sunday's Legislative Council election, despite pollster Robert Chung's assertion that his survey for broadcasters would be leak-proof. Pan-democratic groups said the fairness of the election could be undermined if some people obtained the exit poll data while others did not.

THE STANDARD

-- A mainland fisherman was killed when a catamaran passenger ferry from Hong Kong to Macau collided with a fishing vessel in mainland waters on Tuesday. The Cotai Ferry, operated by the Venetian Macau and carrying 143 passengers and crew, was only slightly damaged.

-- Tycoon Lee Shau Kee, chairman of Henderson Land (0012.HK), said Hong Kong stocks have been oversold and that now was time to buy, predicting the Hang Seng Index would rebound to about 23,000 points by the end of the year from the current 21,000-point level. His top picks include China Shenhua (1088.HK) and Ping An Insurance (2318.HK).

-- Hong Kong home transactions fell 54 percent year-on-year in August to a 31-month low of 5,284 amid a global economic slowdown and a volatile stock market, according to Land Registry statistics.

HONG KONG ECONOMIC JOURNAL

-- Henderson Land chairman Lee Shau Kee said he would not withdraw support for Country Garden (2007.HK) chairman Yeung Kwok-keung's bid to buy Television Broadcasts (0511.HK) and would keep his promise to lend Yeung HK$3 billion ($384.3 million). Yeung aims to take control of the broadcaster's holding company Shaw Brothers 0080.HK.

HONG KONG ECONOMIC TIMES

-- HSBC (0005.HK) is offering personal loans at interest rates of as low as 2.38 percent per annum in a bid to compete with Bank of China Hong Kong (2388.HK), which offers personal loan to its clients at the already low interest rate of 5.07 percent.

For Chinese newspapers, see...............[PRESS/CN]

For Taiwan newspapers, see............[PRESS/TW]

(Editing by Jonathan Hopfner) ($1=7.807 Hong Kong Dollar)