March 20, 2013 / 2:21 AM / in 5 years

PRESS DIGEST - Hong Kong - March 20

HONG KONG, March 20 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.


-- Two residential sites in Kai Tak, which are the first to be tendered under the “Hong Kong Property for Hong Kong People” scheme, are expected to attract keen bids from developers when they go on sale next week. The sites could raise between HK$3.87 billion ($498.67 million) and HK$4.3 billion for the government.

-- Finance Minister Xie Xuren has been made the head of the National Council for Social Security Fund in the government reshuffle. He will replace Dai Xianglong, a former governor of the central bank, according to a senior official at the national pension fund.

-- West China Cement Ltd will slow its capacity expansion in the next few years to lighten its debt burden and lower its production capacity target to 28 million tonnes from 30 million tonnes in 2015, said Chairman Zhang Jimin.


-- The Securities and Futures Commission issued a restriction notice on Salisbury Securities, suspended the firm’s access to the trading system and declared it a defaulter. That came amid market rumors it recently failed to settle a sell order.


-- Country Garden Holdings Co has set a target of 62 billion yuan ($9.97 billion) contract sales by value, up 30 percent from last year, said president Mo Bin, adding that the company has already achieved 20 percent of the target in the first two months of 2013.


-- Property developer Fantasia Holdings Group Co Ltd has set up a financial services company in Shenzhen’s Qianhai and will acquire land in the area actively in the future, said Chairman Pan Jun.

-- Samsonite International S.A., the world’s biggest luggage maker, expects sales to increase around 20 percent this year, said Chairman Timothy Charles Parker. The firm plans to add around 200 points of sales in the mainland, including 40 retail stores.

For Chinese newspapers, see............... ($1 = 7.7607 Hong Kong dollars) ($1 = 6.2157 Chinese yuan)

Reporting by Twinnie Siu; Editing by Jijo Jacob

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