UPDATE 1-PRESS DIGEST - China - Oct 7

(Adds items)

BEIJING/SHANGHAI, Oct 7 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Tuesday. Reuters has not checked the stories and does not vouch for their accuracy.

FINANCIAL NEWS

-- Guo Shuqing, chairman of China Construction Bank (0939.HK)(601939.SS), said the lender would have not face difficulties reaching its annual profit target despite the domestic economic slowdown.

CHINA DAILY (www.chinadaily.com.cn)

-- Property transactions in China's major cities hit a record low over the National Day holidays as many potential homebuyers adopted a wait-and-see attitude.

-- The fortunes of China's richest billionaires are shrinking rapidly due to slumps in the country's stock and property markets.

PEOPLE'S DAILY

-- Water demand in the Chinese capital of Beijing is estimated to reach 3.89 billion cubic metres this year and would face 300 million cubic metres of water shortage if no water were imported from neighbouring provinces.

-- China has found a molybdenum mine with potential reserves of 254,000 tonnes in the island province of Hainan.

-- State-owned chemicals giant ChemChina has sold 20 percent of its China National Bluestar Corp, a chemical maker, to Blackstone Group (BX.N) for an amount of up to $600 million.

CHINA SECURITIES JOURNAL

-- Nineteen Chinese commodities futures contracts fell their daily limits on Monday.

-- Large-lot sales of shares on the off-market trading system shrank by 67 percent from the previous month in September.

-- Securities industry officials expect as many as three to five brokerages to take part in the launch of margin trade and short-selling of stocks; between 50 and 150 individual stocks may be included in the scheme.

SHANGHAI SECURITIES NEWS