CHIU Chung-kwong, managing director of Acme Landis, says the slowdown of construction activity in Hongkong has affected the group's engineering business. He believes the continued growth of China's property could offset the impact. He says the business will set up offices in Shanghai and start to develop markets in Suzhou, Hangzhou and Nanjing. He says that in 1992-3 China accounted for 40 per cent of turnover and that the proportion will increase. - HK ECONOMIC TIMES TONY Fung, chairman of SHK and Co, dismisses reports that the Chinese economy is overheated with adverse implications for the capital markets there. He thinks the market is still developing. SHK and Co will continue to develop financial services in China. - HK ECONOMIC TIMES SHEN Jieren, chairman of China Resources, says the Hongkong Chinese Bank has decided not to be involved in the takeover of the Overseas Trust Bank. He says the decision was not made because of the announcement by the Nanyang Commercial Bank that it would join the bidding. Mr Shen says China Resources has no takeover targets. - HK ECONOMIC TIMES SHEN Jieren, chairman of China Resources, says the company will concentrate its future development on industries and property, of which the former will be more important. The company will target raw materials, power generation and infrastructure business. - HK ECONOMIC TIMES JOHN Gray of the Hongkong Bank, says it is pure rumour that Hongkong Bank is buying into Germany's Commerzbank. He is not aware of any such decision. But some in the securities industry say the German stock market is performing badly and that if the bank wants to increase its business in Germany now would be a good time for such a deal. - HK ECONOMIC JOURNAL STEVEN Ng, executive director of Wharf Cable, says Rupert Murdoch's plan to buy into Television Broadcasts and develop a satellite broadcasting business will not conflict with Wharf's cable TV's business. Mr Ng says Wharf Cable has also received offers but that they are not being considered at present. - SING TAO LI Ka-shing reiterates that the takeover bid for Miramar is not hostile and adds that he is not prepared to pay more than the true value for the company. He says there is no pressure on Cheung Kong or Hutchison Whampoa to raise capital, and that such pressure would only begin to mount when they require funds for projects worth more than $10 billion. - MING PAO ZHANG Winlim, a director and deputy general manager of Guangdong Enterprise, says his company intends to build another power plant in Guangdong. He estimates an investment of US$300 million will be needed. - TIN TIN DAILY NEWS CONTINENTAL Mariner, Lolliman and the Emperor Group all applied for trading in their shares to be suspended after the market opened yesterday. There was speculation that an agreement has been reached concerning Continental's planned takeover of Lolliman. It is said Continental will go for a full takeover and offer 65 cents per share for Lolliman. At the same time Continental Mariner will announce a one-for-one rights issue at $12 to raise $1 billion for the takeover. The Emperor Group will buy all Lolliman's assets. - TA KUNG PAO STANLEY Ho, chairman of Shun Tak, says talks with the Government on the land premium for the Cheung Sha Wan shipyard are continuing. While Shun Tak would like to develop residential property on the site he thinks the chances of developing industrial property are greater. - EXPRESS NEWS A BUILDING under construction site at 184 Nathan Road has been sold for more $163 million. Based on the total potential floor area, this is an average price of $7,400 per square foot (the site covers 2,000 sq ft and has a plot ratio of eleven, which meansthere could be 22,000 sq ft of floor space). The site was formerly jointly owned by Harbour Ring and China Strategic, who invested more than $70 million in the property. The sale has enabled them to share profits of more than $80 million. - MING PAO A SOURCE in the property industry says the 34th floor of Peregrine Tower in the Lippo Centre has recently changed hands at $10,500 per square foot, a new high for the Admiralty district. The buyer is a Hongkong company. - MING PAO A SOURCE from Wan Kee says the sale of the Wan Kee building in Central has been called off. A source says the owner has returned the deposit and will sell the property later.
