Pssst, wanna hear a true story? We saw Elvis Presley in Lan Kwai Fong last night. Not such ridiculous a yarn as Hong Kong is home to Elvis impersonator Melvis 'The Pelvis' Kwok Lam-sang who can be found regularly plying his trade around local nightspots. If we mentioned that we'd seen Elvis on a beach in Thailand then it might raise a few eyebrows. 'Information is the best commodity I know,' said Gordon Gekko, the fictitious American buyer and seller of companies in the Oliver Stone film, Wall Street. Every country is home to a nice healthy rumour mill but in our experience Hong Kong seems to have more tall stories than most. What is worse is that people here appear to believe them. Are we are all a bunch of bone-heads or are the rumour mongers very good? Radio Television Hong Kong (RTHK) is well known for running excellent Government Information Service (GIS) programmes warning us of the dangers of throwing television sets out of windows and elementary bus safety. Recently, RTHK was said to have been running a public service announcement on the dangers of glass doors. The short dramatisation starts: ' 'BONK' Oww, what was that?', 'It was a glass door.' The skit includes useful information such as 'you can recognise them because they will have a handle either side', we were told. Thinking it was a genuine announcement (if you've heard the others you will understand why) we called GIS. They had no record of it. We called RTHK and spoke to a producer on Radio 3. He said the station does run spoof announcements but had no record of a glass door spoof. Is it just us? Word has it that the Hong Kong market thrives on rumour, speculation and insider information. Back in April 1993 after months of bitter controversy over Hong Kong's proposed democratic reforms, China and Britain agreed to resume talks on the territory's political future. Although the Government did not officially announce the resumption of talks until six in the evening, the stock market heard whispers about it well before the close that afternoon. As one broker put it: 'At first, it was a whisper that quickly turned into a rumour. Then after lunch, it became a rumour with foundation when it was claimed that a couple of senior Legislative Councillors had started buying blue chips in a big way. 'Two and two were added together and the conclusion reached was five.' Earlier this week one local newspaper was the subject of a takeover rumour in the market. Media tycoons from this world and the next were muted to be making substantial offers to its current owners. These comments appeared on a Hong Kong-based chat-site from five separate contributors. One: 'I heard Robert Maxwell is coming back. Be afraid.' Two: 'Maxwell? Are you joking, now?' Three: 'Who is he? What is his influence?' Four: 'An overly large media baron, Maxwell will really shake up the Hong Kong media industry.' Five: 'He's dead, morons.' Thank goodness someone is watching the news. Recently Lai See heard rumours that a prominent telecoms executive had bought a private jet, a high-ranking member of the Government uses the same Thai guru as a local entertainment tycoon and not all lawyers are money-grabbing leeches. We are still trying to substantiate at least one of those. It is clear it only takes one whisper to have the whole town talking and Hong Kong is well on the way to becoming Asia's pre-eminent rumour city. And it only takes one scurrilous unsubstantiated rumour to get the ball rolling. Just remember, never let the truth get in the way of a good story.