A SOURCE in the securities industry says International Industries is a target of a joint takeover bid by three mainland companies. The three companies are China National Non-ferrous Metals, the Bank of Communications and the Construction Bank. International Industries earlier announced that its controlling shareholder had been in contact with a third party on March 24 regarding a possible sale. A source in the securities industry points out that the share price of International Industries closed at $15.50 yesterday, and says the price has risen because news of the identity of the potential buyers has been leaked to the market. - SING TAO MR David Davies, managing director of First Pacific Davies, says following a series of takeovers and restructurings in the company's property holdings in Vietnam and China, the capitalisation of First Pacific Davies has risen to about $1.5 billion, making it eligible for a separate listing. However, Mr Davies says there are no immediate plans for a listing. He says that following the takeover of Guardforce the group's dependence on property has decreased considerably and a number of merchant banks have proposed a separate listing for the holding company's property arm. - MING PAO LEADING Spirit chairman and president Wong See-ling says the company started selling motor vehicles parts to China last year and average monthly revenue from this has been 15 million yuan (about HK$20 million at official rates). Mr Wong adds that monthly revenue should increase to 30 million yuan by the end of this year. Revenue for the company in the year ending June 1994 should increase to $1 billion from $600 million this year. - HK ECONOMIC JOURNAL MR Gordon Wu, managing director of Hopewell Holdings, says he will be negotiating with the Thai Minister of Transport today regarding land rentals for the company's overhead rail project. He is confident the current problems will be solved and that financing arrangements will not be affected. However the exact timetable for the project will not be decided until the meeting is complete. - HK ECONOMIC JOURNAL MR Cheng Yu-tung, chairman of New World, says the group has made a proposal to the Hongkong Government for the development of a transport link through one of the country parks in the New Territories. At present New World is discussing possible co-operationon the project with Henderson Land and a joint feasibility study is to be undertaken. Mr Cheng estimates that the investment for the whole project will be about $10 billion. If the co-operation agreement is reached each side will have a 50 per cent stake in the venture. Regarding the company's mainland investment plans, he says negotiations are under way with the city government of Dalian concerning three or four property developments. In each of these New World hopes to take a majority stake. The initial investment in these projects will be several hundred million dollars. It is possible that other partners in Hongkong could be brought in. - HK ECONOMIC JOURNAL ACCORDING to information from the stock exchange, on March 26 Mr Li Ka-shing repurchased 6.45 million covered warrants at a total cost of $24 million. The price paid was between $3.625 and $3.825 per warrant. To date Mr Li's holding of Cheung Kong warrantsis more than 50 per cent of the issue. - EXPRESS NEWS MR Chan Kok-keung, managing director of International Tak Cheung, says the company will inject capital into a joint venture between Chuang's China and a construction company in Guangzhou. The shareholdings of ITC in the joint venture will be between 10 and20 per cent and ITC will not be a major participating company in the joint venture. The company is expecting considerable growth in 1993. Contracts in hand amount to $2 billion to $3 billion. - WAH KIU YAT PO KADER Investment chairman Kenneth Ting says the North American Free Trade Agreement will not take full effect for another 10 years. He adds that if Hongkong businessmen plan to invest in Mexico this will not only ease expansion into the North American market but will reduce exposure to the MFN issue. - WAH KIU YAT PO SOURCES in the market say Hang Lung Development will raise as much as $1 billion. Earlier Amoy Properties undertook a syndicated loan for $1.5 billion. Mr Chan Kai-chung of Hang Lung Development refuses to disclose details of the company's capital raising programme but says a syndicated loan will not be undertaken and the money raised will be used for internal operations. - SING TAO WING Hung Kee said in a statement yesterday that the board of directors could not explain the increase in the company's share price and turnover. The company said it was not entertaining any takeover or restructuring plans. - MING PAO A RUMOUR suggests that Sun Hung Hai Properties will shortly sell the World Trade Centre unit by unit. A commercial building in Causeway Bay was sold recently at a price of $5,000 per square foot. The World Trade Centre is of better quality than this building and property sources speculate that the building could bring up to $5,800 per square foot. - TIN TIN DAILY NEWS Chinese Press Digest is produced by Corporate Information Services. For pre-publication service and other services, telephone 865 5006 or fax 865 5835.