THE share price of Chesterfield surged yesterday on market rumours that the company was planning to be sold as a shell to a mainland group. Chesterfield issued a statement saying that recent increases in the share price could not be explained. Elsewhere, Double Kingdom is also rumoured to be talking to a mainland company. It is thought areas of possible co-operation are being discussed but no other details are known. - TIN TIN DAILY NEWS THE general manager of China Resources says it has signed a number of letters of intent whereby it will take stakes in mainland state-owned enterprises with the ultimate aim of listing them on the stock market. It was announced at an extraordinary shareholders' meeting yesterday the company is looking to invest in a range of industries. The criteria for choosing a company will be its status in the market and whether a 50 per cent stake can be obtained. - MING PAO ACCORDING to the records of the Land Office, Gold Method Investment has signed an agreement for the purchase of the 19th floor of Lippo Centre for $82.08 million. - MING PAO MR Zhang Bohua, general manager and deputy chairman of Guangzhou Investment, says the company will continue to increase its land reserves in China. Land prices on the mainland have risen rapidly and the company sees a growing land bank as a good investment. The company is also looking to make appropriate acquisitions on the mainland. - HK ECONOMIC JOURNAL ASIA Orient has reached an agreement with a mainland company for the development of three blocks of commercial and residential property in Beijing. The total investment will be $330 million. Asia Orient will have a 12 per cent stake in the project, while afurther 38 per cent will be owned by Kwong Sang Hong and other institutional investors. - HK ECONOMIC JOURNAL MR Chan Fat-leung, chairman of Tem Fat Hing Fung, has denied that the company has bought the luxury property Somerset on Repulse Bay Road. But he says the company played an agency role in the transaction. The Japanese concern reported to be selling the development says it had sold the property in early 1991 and since then the property had changed hands twice. The identity of the seller remains unknown. - HK ECONOMIC JOURNAL HONGKONG'S container terminals are monopolised by Hongkong International Terminals and Modern Terminals. Following the opening up of Chinese markets, Hutchison Whampoa has invested heavily in container terminal projects in places such as Huangpu and Dutong in Shanghai, Zhuhai and Yantian. Hutchison aims to develop the Yantian project single-handedly. If it is awarded the project, it will be in control of most of the container terminal business in southern China. It is learnt Hutchison's stake in the project is 30 per cent and the total investment is as high as $3.3 billion. - EXPRESS NEWS AFTER the release of its excellent results China Industrial has become the darling of investors. The Malaysian company interested in taking over China Industrial has sent executives to Hongkong to discuss details with its parent company, Hongkong and MacauInternational. Talks are reported to be proceeding well. Apparently two other groups are also seeking to acquire China Industrial and it is thought a takeover battle may emerge. - SING PAO US fund managers seeking China play stocks are attracted to Prod-Art Technology, which stands to benefit from the rapid development of the mainland economy. Fund managers are buying the stock and it is said the ''sky is the limit'' as far as the price of this stock is concerned. - SING PAO SUN Hung Kai Properties has bought an industrial building in Tsuen Wan for $210 million from Sime Darby. Sun Hung Kai plans to develop the property into a residential building and discussions are being held with the Government concerning the land premium. It is thought the fee could be as high as $200 million. - SING PAO THE deadline for the takeover of Team Concepts expired at 4 pm yesterday and it is revealed that Hedderwick holds 74.88 per cent of Team Concepts. Hedderwick acquired 198,000 shares yesterday and now holds 140.4 million shares. - EXPRESS NEWS THE share price of Laws Property rose more than 10 per cent yesterday. A source says that following the takeover of Laws Property by a mainland concern, the company is now seeking to expand. One possibility is to inject assets into the company by its parent. The market is optimistic of the company's 1993-94 results. - SING PAO KWONG Sang Hong has sold the 21st and the 34th floor of Peregrine Tower in Admiralty for $200.42 million. The average price per square foot is $7,033 for the 21st floor and $7,285 for the 34th. Kwong Sang Hong paid $666 million for Peregrine Tower in September last year and sources in the property market say the transaction shows the price of quality office space has risen under strong demand. - 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.
