A DIRECTOR of Crusader International, Mr Chow Chin-hung, has denied that the company has received notice from a third party interested in buying a controlling stake in the company. He says directors have written to the listings division of the stock exchange saying they could not explain the recent rise in the company's share price and could not understand why the rumours surrounding the company persisted. There has been speculation in the market that a mainland group intends to buy a controlling stake in the group at $3 a share. Mr Chow says the group has funds which will be invested in the equity and property markets. As for investment in China, a number of mainland companies have suggested joint-venture proposals but Crusader directors have not made any decision yet. - SING TAO A SOURCE in the banking industry says the Great Wall group is planning to raise a US$50 million loan for use as operating capital. The syndication period will be three to five years. Interest will be one percentage point above the London interbank offeredrate. The loan will be arranged by Sumitomo Bank. - SING TAO A SWIRE spokesman has denied that the company is to partner Sun Hung Kai Properties in bidding for the Route Three project. An unconfirmed report says China Bridges and Roads Corp will be joining the consortium led by CITIC and China Merchants. - MING PAO ACCORDING to a source in the property market, Sun Hung Kai Properties is to buy a plot of farm land in Yuen Long covering 200,000 sq ft. If the deal goes through, the price of the land can amount to $65 million to $70 million. The source says the land is owned by a subsidiary of a listed company and the owner is asking for about $280 a square foot but it may go as low as $250. It is also said the Town Planning Board has already allocated the farm land for residential use and the owner of the site can develop low-rise homes. - ORIENTAL DAILY NEWS CAPITAL Steel (HK) is rumoured to be planning to take over a Hongkong company for a back-door listing in co-operation with Mr Li Ka-shing and another mainland company. The target for the takeover is said to be either IHD Holdings or UniSouth Holdings. Thetakeover price mooted for IHD is said to be more than $6 a share. With IHD closing at $3.175 a share yesterday, the takeover would be at a very large premium, raising doubts on the accuracy of the rumour. - SING TAO IT is reported that Guangdong Investment is planning to take over 10 businesses based in Guangdong province from its parent Guangdong Enterprises. It is said this may cost more than $1 billion. Guangdong Investment is said to be planning to place shares to raise capital for the purchase and the matter is now being handled by Peregrine. The share price of Guangdong Investment is expected to rise to $4 before the placement is carried out. - TIN TIN DAILY NEWS ALTHOUGH the Malaysian group interested in taking a stake in China Industries ceased its action on Monday, it was rumoured yesterday that another group is now planning to buy a stake in the company. Hongkong Macau Development says a conditional proposal has been submitted by an independent third party for a 39 per cent interest in China Industries, which is controlled by Hongkong Macau. This may lead to an ultimate takeover of China Industries. Yesterday, Hongkong-Macau advised its shareholders and those of China Industries to be cautious as negotiations between the two groups were still at an early stage. - TA KUNG PAO IT is said New World Development is interested in taking a stake in the Ritz-Carlton Hotel recently bought by Lai Sun International. While it is not known how much New World intends to acquire, it is said that Lai Sun wishes to hold at least 70 per cent of the equity. - SING PAO MR Chiu Yiu-hung, deputy general manager of Raymond Industrial, says because of the obvious upturn in the US consumer market and that sales in China have now become profitable, he expects this year's profit to show a rebound from last year. The group's factories in Guangzhou and Shajing may be moved to Panyu so as to concentrate production in one place. - MING PAO THE share price of General Electronics leapt by more than 30 per cent yesterday to close at $1.13 from 88 cents. Sources in the market said one reason for the rapid rise was that analysts visiting the company had been told its turnover for 1992-93 had doubled, with earnings rising to $59 million. The managing director of the company was not in Hongkong yesterday and company representatives were reluctant to comment on the performance of General Electronics. - ORIENTAL DAILY NEWS PHILIP Wain International has decided to delay its listing plan. According to executive director Philip Evans, the company intends to explore markets in the United States and Japan before seeking a listing to finance the second stage of its expansion two years later. - ORIENTAL DAILY NEWS A SOURCE says that despite the fact that Hongkong and China have still not reached any agreement on a listing memorandum concerning state corporations listing in Hongkong, three of the nine state firms slated to float in the territory have already submitted their applications to the Hongkong stock exchange. They are Guangzhou Shipbuilding, Beijing Machinery and Qingdao Brewery. - HK ECONOMIC TIMES Chinese Press Digest is produced by Corporate Information Services. 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