DESPITE the fact that Chinachem abandoned its proposal for a full takeover of Asia Securities on Tuesday, the question remains how Chinachem will handle the 25.21 per cent stake it still holds in Asia Securities. Market sources think the takeover war for Asia Securities is not over. Kwok King-ming, director of the brokerage acting for Chinachem in this matter, says there are a number of ways for Chinachem to handle the shares which it holds. It does not have to accept the takeover proposal by Hongkong China. However, he refused to disclose the likely actions. Chinachem is still waiting for the results of the investigation by the SFC into the acquisition of 15.85 per cent of Asia Securities by Hongkong China on May 31. - ECONOMIC JOURNAL NG Siu-fung, chairman of Jinhui Holdings, says CNFM intends to increase it stake in Jinhui from 15 per cent to 20 per cent. He says CNFM originally had an 18 per cent stake in Jinhui, but the shareholding was reduced by a recent share placement by Jinhui. In order to raise its shareholding, CNFM is considering buying Jinhui shares in the market or buying shares held by the Ng family, the major shareholder with 53 per cent of Jinhui. - MING PAO THE share price of Continental Mariner and Laws Property posted significant gains yesterday but the two companies could offer no explanation for this to the stock exchange. However, Ng Siu-fung, chairman of Jinhui, says the company is planning to develop its China shipping business with Continental Mariner and may buy a stake in the company. Progress should be seen within the next couple of months. - MING PAO THE Futian area of Shenzhen is to sign an agreement with Henderson Land for the development of two blocks of commercial property covering 30,000 feet. Henderson will fund the development of the land independently. The plot ratio of the development will be five times, with a lease period of 50 years. - ECONOMIC TIMES WING Shan Holdings has sold a property in Repulse Bay for more than $360 million. The two sides signed an agreement on June 3. The average price per square foot was $4,000 and the buyer will renovate the property and sell it unit by unit at a later date. -ECONOMIC JOURNAL A NEW finance contract for a forthcoming development by China Overseas has been signed. The development is situated on the site of the Zhujiang Theatre in Kowloon. China Overseas will develop the project independently. A commercial and residential propertywith a floor area of 113,000 square feet will be developed. - ECONOMIC JOURNAL SOURCES in the property market say the Lippo Group has sold the 13th floor of Peregrine Tower for $8,000 per square foot. The buyer was a local company and the agreement was signed three days ago. The floor has a total area of 13,370 square feet and on this basis the deal was worth $106.96 million. - ECONOMIC JOURNAL C.P. Pokphand and Allied Properties have announced buy-backs of their shares. C.P. Popkhand bought back 5.81 million shares at $2.25 to $2.27 on June 8 while Allied properties bought 1.5 million shares at $1.61. - EXPRESS NEWS LAI Sun Development has been snapping up properties lately and the property market speculates that Lai Sun will sell them shortly. Among these, the Ritz Carlton in Central is the most closely watched. However, Hung Hing-cheun, a director of Lai Sun Development, says the company will hold the hotel as a long-term investment since the prospects of the hotel industry are good. He cites the Mandarin and Regent hotels as examples and notes that the occupancy rates of the hotels are 80 per cent and 90 per cent, respectively. - MING PAO HONGKONG Macau Holdings has ample cash in hand, estimated by the market at $1.3 billion to $1.4 billion. China Industrial, in which Hongkong Macau Holdings has a stake and which has been suspended from trading for a month, is said to have a huge project inthe pipeline. - SING PAO THE acquisition of Miramar by CITIC Pacific and Cheung Kong has raised the interest of investors in stocks which have a rich asset base. Another of these is Unisouth. This is rumoured to be eyed by a mainland concern, said to be a construction company. This is pushing up Unisouth's shares. - SING PAO FOLLOWING the acquisition of a stake in Orient Dragon by the Heung family who are major players in Hongkong's film industry, it is reported that Orient Dragon has received the right to distribute films to 20 Chinese provinces. Sources in the industry pointout that the buying power of Chinese consumers has increased and foreign films are in great demand. - SING PAO SHENZHEN government official Li Yizhong says Hutchison Whampoa is interested in developing a Whampoa Gardens-type commercial and residential property in Futian. However, because such property development is not allowed in the area, Hutchison's proposition has to be submitted to the State Council for approval.