SHANGHAI, June 27 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Friday. Reuters has not checked the stories and does not vouch for their accuracy.
- Western Securities Co. Ltd said it plans to raise up to 5 billion yuan ($805.28 million) from private share placements to increase the company’s working capital for expansion.
- China Development Bank Corp will establish a housing finance department to support renovation of old and dilapidated housing. The plan was approved by China Banking Regulatory Commission.
- China Telecom plans to sell 100 million mid-and high-end 4G phones to consumers in 2014 after getting licenses for its FDD-LTE technology from the government, the country’s No. 3 telecom provider said. China Telecom has 180 million users.
- Low-cost carriers are set to take off in China as more companies look to cash in on rising passenger numbers to offset rising costs and low profit margins. Budget airlines, which currently account for only 5 percent of the aviation market in China, are expected to post strong growth in the next few years, said an executive from Boeing commercial airplanes.
For Hong Kong and South China newspapers see..... ($1 = 6.2090 Chinese Yuan Renminbi) (Reporting by Chen Yixin and Fayen Wong; Editing by Anupama Dwivedi)