PRESS DIGEST - Hong Kong - July 14

HONG KONG, July 14 (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. HONG KONG ECONOMIC JOURNAL

-- The international portion of the initial public offering of Chinese building materials maker BBMG is expected to be 17 times subscribed on first day of its road show, according to market sources.

-- Cathay Pacific (0293.HK) and Dragonair carried 1.73 million passengers in June, down 18 percent from a year earlier. Cargo handling volume fell 10 percent to 123,860 tonnes, according to the airline.

APPLE DAILY

-- Hong Kong banks have actively promoted their yuan deposit business since the city started yuan trade settlements last week. Some banks lifted yuan deposit interest rates to attract deposits with Citibank lifting three-month yuan deposit rates to 0.8 percent.

-- PCCW (0008.HK) chairman Richard Li bought 2.16 million PCCW shares at an average HK$1.99 each in July for HK$4.3 million, lifting his stake in the company to 28.7 percent from 26.67 percent, a stock exchange filing showed.

MING PAO

-- Hong Kong and Shenzhen are still conducting a feasibility study on construction of a railway connecting the airports of the two cities. Based on preliminary estimates, the railroad would cost more than HK$50 billion to build, with daily passenger flow forecast at 7,000 people. Industry people were not optimistic about the plan and expressed fear the project could become a white elephant.

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