February 5, 2013 / 1:55 AM / 5 years ago

PRESS DIGEST - Hong Kong - Feb 5

Feb 5 (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.


-- The Hong Kong Monetary Authority is poised to launch its sixth round of mortgage tightening measures since 2009. The overheating property market remains the biggest risk factor to the stability of the Hong Kong economy, said Norman Chan, chief executive of the authority.

-- More than 800 subsidised flats, mostly in Tin Shui Wai, will be offered next month at a 30 percent discount to market values set in the September-December period last year. These flats are priced between HK$1.2 million ($154,800) and HK$2 million.


-- Accounting giant KPMG predicted Hong Kong would face a budget deficit of HK$45.8 billion in the next fiscal year. It also said a goods and services tax would help widen the tax base and allow income taxes to be lowered.


-- Seven listed firms posted profit warnings on Monday, including Dynasty Fine Wines Group Ltd, China Datang Corp Renewable Power Co Ltd and sportswear retailer Meike International Holdings Ltd.


-- Property developer Shimao Property Holdings Ltd said contract sales for January soared 353 percent from a year earlier to 4.12 billion yuan ($661.02 million).


-- Chinese property developer Evergrande Real Estate Group Ltd said contract sales for January jumped 2.26 times from a year earlier to 7.25 billion yuan.

For Chinese newspapers, see............... ($1 = 7.7540 Hong Kong dollars) ($1 = 6.2328 Chinese yuan)

Reporting by Twinnie Siu; Editing by Subhranshu Sahu

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