MR David Wong, chairman of Dah Sing Financial Holdings, says that after raising $300 million to acquire Wing On Bank late last month, there are no further plans to raise capital. Mr Wong says Dah Sing Bank and Wing On Bank will have a sisterly relationship. However, there has been no significant restructuring of the group so far. Mr Wong adds that Dah Sing Bank's Shenzhen representative office is expected to open within the next six months. - HK ECONOMIC JOURNAL BANK of East Asia's application to establish a representative office in Taiwan has finally been confirmed. The bank received a notice from Taiwan's Finance Ministry confirming its approval for the bank to open a Taiwan office, becoming the first Hongkong bank to do so. Bank of East Asia will also become the 21st overseas bank to gain approval to set up a representative office in Taiwan. - SING TAO THE owners of the Ritz Carlton Hotel in Central are negotiating with a number of Hongkong groups, including Lai Sun Development, Furama Hotels, Hysan Development and Sino Land. A breakthrough in the negotiations is expected shortly, according to a source in the banking industry. Other sources indicate that the hotel will sell for more than $1 billion, while stressing that no agreement has been reached by the owners with any of the groups. The owners are understood to be asking for $1.4 billion. A Lai Sun spokesman confirmed that no agreement had been reached. - SING TAO SICHUAN province is planning to acquire a listed shell through a subsidiary of its Hongkong office, Jialing. Sichuan Foreign Economic Trade Commission director Zhang Yingwen said in Hongkong that although China's State Council had approved the province's Oriental Power Station to seek a listing in Hongkong, progress in the listing process had been slow, and the power station was not expected to achieve listed status by the end of the year. Jialing Hainan Enterprises will be joining with a Chengdu steel factory on the acquisition trail. - EXPRESS NEWS UK conglomerate Trafalgar House yesterday denied that there would be any change in personnel on its board or among its financial advisers. The UK press earlier quoted sources as saying Hongkong Land chairman Simon Keswick would replace Mr Alan Clements as chairman. The UK press also reported that finance director John Ansdell would leave as soon as the new chairman took office. Trafalgar issued a statement that the above was pure rumour. - EXPRESS NEWS THE recent rise in the stock market has provided a bounty of opportunities for companies to raise capital. In addition to Juko Laboratories, which has already stated such an intention, Guangdong Investment could be deliberately ramping its share price to create the ideal conditions for a share placement. Continental Mariner is expected to make a similar move to assist in its further takeovers. The share price of Seabase International moved awkwardly amid large turnover yesterday, with the company in negotiations with a third party over the purchase of a controlling stake. This deal is expected to succeed shortly. - TIN TIN DAILY NEWS YESTERDAY saw a dramatic surge in the share price of Hongkong Land, closing up four per cent. Market sources say there are new moves in the offing by three property developers, namely Cheung Kong, Henderson and New World, to take a 35 per cent stake in Hongkong Land. Jardine Matheson has provisionally agreed to the transfer of some of its shares in Hongkong Land and a related application to the stock exchange has been made by the three groups for exemption from having to make a full takeover offer. - MING PAO ACCORDING to sources in the banking industry, CITIC Pacific is to approach a number of banks separately to raise a $1 billion bridging loan with a six-month tenure. It is expected that the loan will be used to pay for the development of a site recently acquired in Yau Yat Chuen. The sources expect the loan arrangements to be finalised by the end of the month. - HK ECONOMIC JOURNAL IT is well known that Henderson Land, Hang Lung Development, Cheung Kong and Ka Wah have bought land for development in Shanghai. It is less widely known that Mr Stanley Ho has become one of the most prominent purchasers of Shanghai land recently. Mr Ho plans to invest $5 billion to develop areas adjacent to the city's future underground stations. - SING TAO MR WAN Man-yee, an executive in the property arm of Henderson Land, says the company's plan to buy four blocks in Quarry Bay in co-operation with Hang Lung has been cancelled. He admits that the reaction to the acquisition plan had been poor. The present owners are known to believe that the price offered was too low. - SING TAO ACCORDING to sources in the property industry, the 13th floor of Lippo Tower in Admiralty has been sold to Wankar Ltd at a price of $102.3 million, representing an average price of $6,850 per square foot. The same floor last year changed hands at $84.13 million, an average of $5,650 per square foot. - SING TAO Chinese Press Digest is produced by Corporate Information Services. For pre-publication service and other services, telephone 865 5006 or fax 865 5835.