THE Wharf group is planning to consolidate its Tsim Sha Tsui property empire. The plan is to invest $2.5 billion to reconstruct three blocks of residential property in Harbour City into office space. - TA KUNG PAO A SOURCE says the Shenzhen monetary authorities will issue 10 more licences to overseas banks within this year. - HK ECONOMIC JOURNAL WELLINGTON Plaza in Central has been sold for $590 million by its Japanese owner to a company which is backed by Guangdong capital. The buyer is understood to have put down the deposit. - HK ECONOMIC JOURNAL THERE was speculation yesterday that a few major blue chips, including Cheung Kong and Hutchison Whampoa, would be arranging cash calls. It was also rumoured that Henderson Land would place around 160 million shares at $17 per share to raise $2.72 billion.- TIN TIN DAILY NEWS CREDIT Lyonnais was to have been responsible for Henderson's share placement. However, due to an unfavourable market response, the placement has been cancelled. Mr Mike McCoy, a director of Credit Lyonnais, denied the above rumour of Credit Lyonnais' participation. - SING TAO DAIRY Farm's UK associate Kwik Save's share price has shot up due to a rumour concerning an expansion plan. Dairy Farm is rumoured to be teaming up with a Spanish retail chain to open a chain of discount shops in Europe. - SING TAO MR Chiang Chi-kee, chairman of Great Wall Electronics, says he has bought Tomei International's 30 million shares in Great Wall. His holding in Great Wall has now increased to 43.6 per cent or 310 million shares. He says the reason for increasing his stakein Great Wall is his optimism about the company. Mr Chiang also says the company has two years ago set up an industrial estate in Huizhou, which is about to go into full production. Despite this, Great Wall is preparing to seek another production site, as its business continues to expand. Mr Chiang says Great Wall intends to split off two subsidiaries for listing, although the time is not yet right. The two subsidiaries are a manufacturer of car audio equipment and a manufacturer of television sets. The former has an annual turnover of $300 million, while the latter's annual turnover is higher. - SING PAO MS Marguerite Lee reportedly has poor relations with Top Form International, with which she will break all ties in July. It had been intended that Ms Lee would have a three-year employment contract with Top Form. Mr Eddie Wong Chung-chong, managing director of Top Form, bought eight retail outlets from Ms Lee in November. Ms Lee no longer holds any stake in Top Form. - SING TAO TERMBRAY Industries is to co-operate with White Swan Property Development Corp, a subsidiary of Guangzhou's White Swan hotel, to jointly build the White Swan Gardens in Conghua. According to a market source, sales of property in Guangzhou have been quite good, especially in low-rise residential projects. - HK ECONOMIC JOURNAL IN order to cope with the global demand for information relating to the Asia-Pacific region, Hongkong Telecom is to introduce digital compressed television broadcast technology. It has also reached an agreement with Chicago Chinese Communications to beam mainland programmes to various cities in North America. Telecom is also negotiating with a Hongkong television station to transmit the station's programmes to North America. - HK ECONOMIC JOURNAL SHENZHEN Mayor Li Yuwei says the city's light, sky and underground rail projects are still under discussion. As the light railway is to be the smallest of the three, it will be given the highest priority. Commenting on the Yantian harbour development, Mr Li says Cheung Kong will not be undertaking the sole development of the project. - ORIENTAL DAILY NEWS MR Lawrence Chan Man-wai, president of Park Lane Hotels, says his company will be putting out 60,000 square feet of commercial space for rent. Mr Chan expects the rental income from this property to exceed $3 million a month. The company is also negotiating with four-and five-star hotels in Tsim Sha Tsui. Mr Chan also says Park Lane will develop an entertainment centre in Shanghai, with a floor area of 150,000 square feet. Elsewhere, the company will team up with a local company to develop a residential property in Shenzhen. Investment will be a few hundred million dollars, of which Park Lane will provide 10 per cent. - EXPRESS NEWS A SOURCE in the banking industry says CEF had been appointed by Taiwan's Pacific Cable group to arrange a $700 million syndicated loan. The loan will be made in two parts. The first tranche of $500 million will be for five years at an interest rate of 1.75percentage points above HIBOR. Banks will have the option of requesting full repayment in the third year. The second tranche will have a one-year span, at an interest rate 1.375 percentage points above HIBOR. This part will have an Ap Lei Chau property as collateral. It is believed the property concerned is shopping space in South Horizons. - SING TAO