PRESS DIGEST - Hong Kong - July 7

HONG KONG, July 7 (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

-- China National Petroleum Corp has offered US$13.2 billion-US$14.5 billion for a 75 percent stake in the Argentine unit of Spanish oil company Repsol-YPF (REP.MC). Sources said executives from both companies were in talks over the offer and Repsol's members had been receptive.

-- Chinese real estate developer Poly Real Estate (600048.SS), Sino-Ocean Land (3377.HK) and Shanghai Greenland snapped up three residential sites in Beijing's suburbs for 5.4 billion yuan ($790.1 million) in a government auction on Monday.

HONG KONG ECONOMIC JOURNAL

-- Financial Secretary John Tsang pointed out in Monday's briefing that no bubbles had been observed in Hong Kong's property market because of improved public ability to repay loans and government's adequate surplus, showing no sign of over-consuming.

-- Top Chinese sportswear producer Li Ning Co (2331.HK) announced its acquisition of badminton racquet maker Kason for 165 million yuan ($24.14 million).

MING PAO

-- About 3,000 supermarkets and convenience stores in Hong Kong will begin charging shoppers for providing plastic bags on Tuesday, but only 30 percent of shoppers are expected to bring their own shopping bags.

-- Chinese construction materials supplier BBMG Corp is expected to sell its H-shares at a price representing 12.8 to 17.8 times its prospective 2009 price to earnings multiple, according to sources.

-- Senior management of listing hopeful AIA, a major Asian unit of American International Group (AIG.N), is likely to see a reshuffle, with the head of its Hong Kong and Macau operations, Derek Yung, being replaced by the head of the China division, according to source close to the company. WEN WEI PO

-- CNOOC Ltd's (0883.HK) new natural gas project in the Tangkuh gas field in Indonesia was put into production on Monday, according to a company spokesman.

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

For Taiwan newspapers, see............[PRESS/TW] ($1=6.834 Yuan)