July 29, 2011 / 1:55 AM / 8 years ago

PRESS DIGEST - Hong Kong - July 29

HONG KONG, July 29 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

SOUTH CHINA MORNING POST

— The average rent for street-level shops in Hong Kong’s four traditional shopping districts rose 7.4 percent in the second quarter, surpassing the record levels of mid-2008, according to a report by Colliers International Asia.

— Mining and resources firm Wing Hing International (Holdings) Ltd’s plan to invest up to HK$4.52 billion ($581 million) to acquire a majority stake in a South African-based gold miner is set to be completed by the end of August, pending shareholders’ approval.

HONG KONG ECONOMIC JOURNAL

— The amount of yuan deposits in Hong Kong has risen 0.9 percent in June from May, marking the lowest increase since the beginning of the RMB Trade Settlement Pilot Scheme in 2009, said Hong Kong Monetary Authority chief executive Norman Chan.

— Luxury watch retailer Hengdeli Holdings Ltd confirmed in an email to investors that chairman Zhang Yuping has used 500 million shares as collateral to obtain a $100 million loan from Swatch Group for private investment. Swatch Group now owns a 20.42 percent stake in the company, second to Zhang Yuping, who owns a 35.24 percent stake.

WEN WEI PO

— Oriental Watch Holdings plans to open on average one to two new shops every month in China due to increasing demand for expensive brand-name watches in the mainland, said managing director Dennis Yeung. The company is also considering acquiring a shop selling brand-name watches in the southern part of China.

— Lee & Man Manufacturing Ltd <2314.HK) plans to use most of its future profits to repay debt in order to reduce its debt ratio from 55 percent to 50 percent, said chief executive Lee Man Yan.  

TA KUNG PAO

— Sun Hung Kai Properties Ltd’s subsidiary Pacific Earth Enterprise Ltd won a bid for a large residential site in Tung Chung for HK$3.77 billion ($484.6 million). The price per square foot was HK$2,703 ($347.4), the lower end of market expectations.

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

For Taiwan newspapers, see................ (Reporting by Justina Lee and Zoey Zhang.; Editing by Jacqueline Wong)

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