Sunday A GOVERNMENT source reveals the Real Estate Developers Association - in response to an inquiry from the chief executive - has asked its members to submit their estimates of the quantity of residential units they expect to supply in the next three years. The data will be used to devise a time-table for the proposed resumption of land auctions. (Oriental Daily) BEIJING gives initial approval to the mainland's first securitisation deal - for outstanding receivables owed to a pool of more than 10,000 Chongqing firms. The issue can help create a new market for mainland firms to diversify fund-raising. (SCMP) Monday THE International Monetary Fund upgrades its forecast on the mainland's economic growth by 1.7 per cent to 7.2 per cent for this year, and by 1.1 per cent to 6.6 per cent for next year. The upgrades partly reflect Beijing's heavy spending on infrastructure projects, amounting to 2.5 per cent of gross domestic product, and loosening of monetary policy. (SCMP) IN THE wake of Hutchison Telecom's sharp cuts on its mobile service tariffs last week, SmarTone Telecom announces it will give its GSM subscribers an extra 50 minutes talk time per month, in effect lowering prices by as much as 34 per cent. The move puts greater pressure on Hongkong Telecom to lower prices. (Apple Daily) FUTURES Exchange chief executive Randy Gilmore says the exchange is studying options as to when and with whom to form an international alliance. He says to compete effectively with larger futures exchanges internationally, the Futures Exchange will have to trade electronically. (Sing Tao) Tuesday IN THE wake of the financial turmoil, it emerges that the Stock Exchange of Hong Kong has lost its position as one of the top 10 exchanges by market capitalisation. As of last Friday, it ranked as the 11th-largest stock market in the world, compared with ninth a year ago and sixth at the peak of the bull market. (SCMP) THE Government announces a 19 per cent year-on-year decline in retail sales volume in October. Economists are generally surprised by the sharper-than-expected fall, and blame it on Hong Kong's record unemployment of 5.5 per cent. They expect the depressing effect on consumer spending will linger until at least after the Lunar New Year holiday. (SCMP) CHEUNG Kong Holdings chairman Li Ka-shing says his company might pull out of a joint venture project with a large corporation valued at up to $10 billion, due to worries about the 'political environment'. He says certain individuals have made unfair criticism of companies of which he is chairman. (SCMP) Wednesday CHIEF Executive Tung Chee-hwa pleads for a 'harmonious community', in response to Cheung Kong chairman Li Ka-shing's comments that political parties should not use unreasonable means to please voters. While various business leaders lend their support to Mr Li, Democratic Party chairman Martin Lee Chu-ming accuses him of 'bad-mouthing' Hong Kong. (SCMP) SING Tao Holdings reports an attributable loss of $13.79 million for the six months to September, compared to a profit of $121.21 million in the same period last year. Turnovers of flagship dailies Sing Tao Daily News and Hong Kong Standard have fallen 44 and 40 per cent respectively, hard hit by the advertising market downturn. (SCMP) Thursday THE lawyer representing some Maywood Court flat buyers sends a letter to Cheung Kong Holdings chairman Li Ka-shing requesting that he stops making 'defamatory' comments against buyers who failed to complete purchase agreements due to the economic turmoil. Mr Li is quoted as saying the purchasers did not respect the spirit of law. (Economic Times) ING Bank files a court petition requesting New China Hong Kong Group founder Tsui Tsin-tong repay debts amounting to $107.3 million. The writ stems from a personal guarantee he made when a New China Hong Kong Group unit sold put options on 200 million Pearl Oriental Holdings shares to ING. (Sing Tao) GOLDMAN Sachs Securities releases a property stocks research report, predicting Hong Kong residential property prices will rise 20 per cent in the first half of next year. The brokerage expected office rents would fall a further 30 per cent due to oversupply. (Economic Times) Friday JAPAN's economic plight is highlighted by a government report showing the seasonally adjusted unemployment rate rose to a record 4.4 per cent last month. Taichi Sakaiya, head of the Economic Planning Agency, said the rate 'is a figure we see with grave concern'.(SCMP) VIRGIN Atlantic Airways boss Richard Branson beats rival British Airways to win approval to become the first British carrier to be allowed to fly the London-Shanghai route. Virgin will be allowed to make two flights per week. The news came as Mr Branson was plucked from the sea off Hawaii when he was forced to abandon a bid to circumnavigate the Earth in a hot-air balloon.(SCMP)
