FOLLOWING the announcement of New World's plan to develop a golf course in Sai Kung a number of consortiums have been buying land in the area hoping to develop similar projects, sources say. One well-known company with mainland capital paid more than $20 million to purchase houses in Sai Kung and plans to build a golf course and low-density homes. The market has speculated that Sun Hung Kai Properties is actively buying land in Sai Kung for similar developments. A CITIC Pacific spokesman denies that the company or CITIC (Hongkong) has bought land in Sai Kung and adds that there are no plans to develop a golf course. - WAH KIU YAT PO THE Australian consul-general says Hongkong has become the fourth-largest investor in Australia, resulting in a substantial increase in visitors. This, in turn, has stimulated further Hongkong investment in the country's tourist industry. The consul-general says a number of Hongkong consortiums, involving Mr Stanley Ho, the Oriental Daily News Group and New World Development, have already made plans to invest in the Australian hotel industry. The Oriental group plans to take over the Hilton Centre in Sydney. - WAH KIU YAT PO CHINA Technology Resources, a company controlled by Ms Chen Wai-lik, daughter of senior Chinese leader Chen Yun, will buy a 20 per cent stake in Allied Industries, with an agreement being signed as early as Thursday, sources say. - TIN TIN DAILY NEWS FINANCIAL Secretary Hamish Macleod says the Government will wait for few months before a decision is made on the reduction of the 70 per cent mortgage policy. He will shortly discuss the state of the property market and current mortgage policy with developers. - EXPRESS NEWS FOLLOWING the sale of the 21st and 34th floors of the Peregrine Tower last week, Kwong Sang Hong has now sold the entire 20th floor for $97.5 million. The average price per square foot is $7,201. The buyer is a Sino-Hongkong joint venture. - SING TAO MR Poon Kah-hung, chairman of Orient Power, says that despite the company's plans to build four more factories overseas there will no pressure on the existing financial arrangements of the firm as the projects will take a long time. Factories will be builtin Tianjin, Shanghai, Malta and Mexico. The Tianjin factory will cost $31 million, with Orient taking a 55 per cent stake. The state-owned factory in Shanghai will cost tens of million of dollars. The wholly owned factory in Malta will produce television sets and satellite receivers. Total investment there will be as high as $40 million but cheap financing has been obtained from Maltese authorities. - ORIENTAL DAILY NEWS TSE Sui Luen Jewellery participated in a trade fair in Guangzhou in mid-April, co-operating with China Jewellery Import and Export. - SING PAO THE Laws family will soon sell the 20th floor of the Lippo Tower and the 12th floor of the United Centre in Admiralty. Laws bought the two floors for $207 million earlier this month. The family plans to sell the space unit by unit. Space in the Lippo Centre will be sold for between $7,700 and $7,800 per sq ft. Harbour view units will be sold for $8,100 a sq ft. In the United Centre, four units covering about 5,000 sq ft each will be put on the market at $5,700. Laws bought the Lippo Centre floor for $6,850 a sq ft and the United Centre space for $5,150 a sq ft. - HK ECONOMIC JOURNAL THE China Civil Aviation Authority has formally approved New World's joint-venture company with mainland partners to develop China's aviation industry. The company will invest in the expansion of Hunan International Airport. The Hunan airport will be the first Chinese aviation industry project permitting foreign participation. New World is already said to be in discussions with Cathay Pacific on the sale of some of Cathay's stake in the Hunan airport. - HK ECONOMIC JOURNAL FOLLOWING the announcement of Hopewell's results, Lehman Brothers has lowered its rating on the grounds that its mainland business is facing a growing number of competitors as more Hongkong developers get involved in mainland infrastructural projects, securities industry sources say. - HK ECONOMIC TIMES MR Kwok Fu, chairman of Beijing Wanfujiang Department Store (Group) Holdings, has told mainland media that the group will raise 1.9 million yuan through an internal capital-raising exercise. The money will be used for the renovation of the department storeexterior. The company will also extend the north wing of the store in co-operation with New World Development. - HK ECONOMIC TIMES MR Wong Kwok-mai, managing director of Hanny Magnetics, says it is prepared for the European Commission's plan to impose a fourth anti-dumping duty on computer discs produced in Taiwan, China and Hongkong. The company has already exported sufficient stocksto the European Community to satisfy demand this year. The commission will continue to examine evidence of dumping and if there is no proof then firms wrongly charged will be compensated. - 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.