August 9, 2011 / 1:45 AM / in 8 years

PRESS DIGEST - Hong Kong - August 9

HONG KONG, Aug 9 (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

— Hong Kong’s top department store operator Lifestyle International Holdings posted a net profit of HK$807 million ($103.4 million) for the six months to June, up 30.6 percent from a year earlier. The company expects the Hong Kong retail market to outperform the mainland market in the second half of the year thanks to positive sentiment.

— Chinese handset maker TCL Communication Technology Holdings said first half profits rose 56 percent to HK$391.34 million from HK$250.17 million a year earlier. The Shenzhen-based phone maker said it plans 51 new products and to expand its global distribution this year as it attempts to hit a sales target of 50 million handsets.

HONG KONG ECONOMIC TIMES

— Sany Heavy Industry , a Chinese maker of construction machinery which plans to raise HK$23.4 billion ($3 billion) in an initial public offering in Hong Kong, is aiming to have its listing hearing by the end of this month, market sources said.

SING TAO DAILY

— HSBC announced that it will cut its savings rate for yuan deposits without tenure to 0.25 percent from 0.45 percent for account balances of 5,000 yuan ($776.9) and above.

ORIENTAL DAILY

— Chinese developer Longfor Properties Co Ltd said contracted sales in the first seven months totalled 20.8 billion yuan, up 67.1 percent from a year earlier, representing 52 percent of this year’s sales target.

($1 = 6.553 yuan)

For Chinese newspapers, see...............

For Taiwan newspapers, see................

Reporting by Twinnie Siu and Viola Ho; Editing by Jonathan Hopfner

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