SOURCES say Hang Lung Development intends to release a residential property in Tuen Mun for sale at the end of the month or early next month. There will be 11 35-storey residential blocks and the sale price is expected to range between $2,200 and $2,300 asquare foot. - WAH KIU YAT PO IT is rumoured that Hongkong Macau Holdings will inject assets into Essential Enterprises, which will issue shares to Hongkong Macau in exchange. - TIN TIN DAILY NEWS GREAT Wall Electronics has appointed United States investment bank M & Q ADR to trade its stock in the US to attract overseas investment. - TIN TIN DAILY NEWS FOLLOWING the takeover of Ong Holdings, Public International will announce its results on Wednesday. The market is said to be anticipating further announcements to accompany the results. - TIN TIN DAILY NEWS SUN Hung Kai Properties deputy chairman Thomas Kwok Ping-kwong says the group's plan to co-operate with the Kowloon-Canton Railway Corp to develop a railway station in Mongkok will involve supplying a total floor area of 1.6 million sq ft. Construction fees will total $1.6 billion and work will start in six months. Mr Kwok also says Sun Hung Kai will meet land compensation costs within two months. On the company's investment projects in China, he says its major concern is to finish its current projects and it will not initiate fresh projects until they have been completed. - EXPRESS NEWS COMPANIES rumoured to be the targets of mainland interest include Double Kingdom and Juko Laboratories, which have both confirmed they will make placements to mainland organisations. Burwill International and Chevalier Development have both denied they arethe targets of mainland takeover action. The Hongkong stock exchange is closely monitoring the mainland acquisitions of Hongkong-listed companies, and it urges the companies concerned to make announcements to inform the public. In the wake of Juko's consideration of a share placement to a mainland company, Double Kingdom is also planning to issue new shares to a mainland concern with which it will jointly produce facsimile machines.
Double Kingdom executive director Paul Tse says his company will focus its expansion on the mainland market and will postpone indefinitely an earlier plan to set up a factory in France. The company is also in discussions with a British company over the possibility of jointly producing digital telephones to be marketed in China. A spokesman for Burwill says the rumour of a mainland company buying a stake in Burwill is false and the board has never entertained such an idea. The company's diversified portfolio made a third-party takeover quite inappropriate. - SING TAO DESPITE the popularity of China retail concept stocks in the market, Giordano's China business has suffered great losses, while Le Saunda has announced its intention to abandon plans to set up retail outlets on the mainland. Sources in the securities market say the share prices of the companies concerned should not be too adversely affected since demand for China retail concept stocks still exceeds supply. - ORIENTAL DAILY NEWS LEGISLATIVE Councillor Lau Wong-fat is apparently interested in listing his assets and is said to have approached financial institutions. Mr Lau is also reported to have discussed the matter with Mr Deacon Chiu, the former head of Asia Television. According to sources in the securities industry, Mr Chiu intends to sell one of his listed companies. - SING TAO MIRAMAR Hotel's share price has risen sharply due to rumours of a takeover of one of its hotels. Trading in the hotel sector has been active recently due to such rumours. But Hongkong and Shanghai Hotels is lagging behind the rest of the sector. - SING PAO THE electronic translator produced by Group Sense is competing fiercely with a similar product in the market. However, Group Sense entered the mainland market early, and if its translators are approved by the mainland authorities as official learning toolsfor schools, sales potential is unlimited. - SING PAO ACCORDING to sources in the property market, a Japanese enterprise, Fuji Logitec, has sold the entire 19th floor of Lippo Tower to a company backed by mainland capital at $6,500 a square foot. The total transaction is worth $82.88 million. - SING TAO A SPOKESMAN for Chevalier Development says it has been in touch with Capital Steel over a placement of shares to the Beijing company, adding that talks are still at an early stage. However, market sources say the two companies have already reached a provisional agreement. The probability is that Chevalier will issue 10 to 15 per cent of its shares to Capital Steel, but the placement price is unclear. The reason behind China Steel's interest in Chevalier is the latter's attractive core business, which is thesupply and installation of escalators and lifts. A Capital Steel subsidiary is in a similar business and they can be merged. - HK ECONOMIC JOURNAL Chinese Press Digest is produced by Corporate Information Services. For pre-publication service and other services, telephone 865 5006 or fax 865 5835.
