FRIDAY, APRIL 16
CHEUNG Kong will on Monday release for sale 36 units of an industrial building in Kwai Chung at $1,017 a square foot. The building's ground floor factory space will be sold at $4,000 a square foot. The 16-storey building has 64 units. - WAH KIU YAT PO IT is rumoured that a Taiwanese bank has agreed to sell 51 per cent of its shares to the Bank of East Asia, which will in turn issue shares to the Taiwan group. Sources say Bank of East Asia chief executive David Li has been thinking about the Greater China concept and he plans to set up a banking network covering Hongkong, China and Taiwan rather than create separate entities, so as to reap economic benefits. Apart from the Taiwan acquisition, the Bank of East Asia is discussing the exchange of shares witha mainland bank, apparently to strengthen its mainland business relations. - TIN TIN DAILY NEWS CHEVALIER Development is said to be a takeover target of Beijing's Capital Steel, which will be offering $2 a share. This encouraged Chevalier's share price, which rose 25 cents yesterday. - TIN TIN DAILY NEWS THE share price of Asean Resources has been moving unusually of late amid rumours about a takeover, talk which the company has twice denied. However, as this rumour has persisted, something of substance is expected to materialise soon. - TIN TIN DAILY NEWS MR Wang Jim, head of the CITIC group in Beijing, will next Thursday hold a press conference in Hongkong to introduce high-ranking personnel recently appointed to the group. It is reported that he will discuss the future plans of Continental Mariner, now controlled by CITIC. The share price of Continental Mariner has risen of late and is forecast to rise to $12, at which price, it is also speculated, the company will undertake a share placement. - EXPRESS NEWS IT is reported that Goldlion's new retail outlet in Harbin saw business of more than 100,000 yuan (about HK$134,700) in the seven hours of trade on its first day of business. Sources say the company will open a second outlet in Beijing later this month. Itis expected the company will also open outlets in Suzhou, Chengdu, Zhangjiang and Guangzhou in two months. - EXPRESS NEWS FOLLOWING months of study, the Hongkong Bank has finally decided to introduce factoring services. The bank's deputy general manager says it will set up a department specialising in the development of these services, which are expected to be formally introduced later this year. - SING TAO ACCORDING to sources in the property industry, two industrial buildings in Cheung Sha Wan were bought recently by a consortium for more than $270 million, or at $1,300 a square foot. The buyer is reported to be Sino Land. - HK ECONOMIC JOURNAL THERE has been a positive response to the residential property developed by Sun Hung Kai Properties in Tuen Mun. The deadline for buyers to register was yesterday, but the company did not announce the level of registration. Sources believe sales of the property have been healthy. Governor Chris Patten's announcement that he will gazette his political reform package seems to have little impact on the property market. - EXPRESS NEWS MR Li Ka-shing has stressed that the continuous buying back of covered warrants on Hutchison Whampoa and Cheung Kong (Holdings) is not a way of earning money but rather a consolidation of his controlling rights. He refuses to elaborate, only saying thathe will stop buying when he has done enough. - SING PAO CHEUNG Kong (Holdings) says it will meet officials from the Sichuan Power Authority to discuss its plans to invest in power plants in the province. One of the projects will involve an investment of two billion yuan (about HK$2.69 billion). Mr Li Ka-shing says Cheung Kong is also discussing the plan to develop the Ma On Shan railway link with the Government. Although the Government apparently still finds the plan far from feasible, Cheung Kong intends to go ahead with a feasibility study. - SING TAO THE Hongkong Bank says in its annual report for last year that the proportion of shares held by individuals in the bank is 21 per cent. The disclosure is in compliance with British regulations following the bank's relocation of its headquarters to London. - EXPRESS NEWS KOWLOON Motor Bus (KMB) intends to enter the public transportation business in China and has sent representatives to Shanghai, Shenzhen and Beijing to contact the responsible local organisations. It is understood that KMB has not yet reached any commercialagreement. Since KMB's franchise states clearly that the company can only operate services in Hongkong, if the company indeed decides to enter the mainland, it must establish a separate company to do so. - HK ECONOMIC JOURNAL A STANDARD Chartered economist says since the adoption of the 70 per cent mortgage ceiling, banks' mortgage lending business has slowed. However, this sector still grew 11 per cent last year. - HK ECONOMIC TIMES Chinese Press Digest is produced by Corporate Information Services. For pre-publication service and other services, telephone 865 5006 or fax 865 5835.