FIVE major real estate developers, SHKP, New World, Hang Lung, Henderson and Swire, are considering scrapping a large redevelopment project in Yau Tong. The developers have been acquiring land in the area but due to difficulties in acquisitions and restrictions on the floor area which can be developed they may scrap their plans. However, a final decision is pending news from a local land-owners meeting and a government decision to increase the land development ratio. - ECONOMIC JOURNAL INTERNATIONAL Semi-Tech Microelectronics (ISTM), the parent of Semi-Tech (Global), has applied to the Canadian Securities Commission for the sale of its A shares by Semi-Tech in Canada. ISTM has acquired 51 per cent of Singer from Semi-Tech and some of this stake will be paid for in A shares. - ECONOMIC JOURNAL ORIENTAL Press is looking to acquire a private radio station in Hongkong in order to expand its influence in the media industry and further its growth. Oriental Press is thought to have approached Commercial Radio and Metro Radio. However, the Government has reservations about this media cross-ownership proposal. Oriental Press is especially interested in Commercial Radio because of its vast profitability. Market sources say if this merger were to go ahead it would be beneficial for the operations of both companies because they could use their joint network to raise their advertising charges. - ECONOMIC JOURNAL CHAN Chi-chung, company secretary of Applied International, says the company is arranging the issue of ADRs on the New York Stock Exchange through Bank of New York. Preparations should take three months. The US represents Applied International's largest market, accounting for more than half of operating revenue, followed by the European market which represents 40 per cent. Mr Chan says Applied's order book will take it through to the first quarter of next year and its European market is growing faster than the US because of the addition of major customers there. However, its US market should grow by 20 per cent this year. Applied's share price surged yesterday, rising nearly 10 per cent. - ECONOMIC JOURNAL UNITS of Block A at 7 Bowen Road held by the Canadian Consulate have been acquired by Henderson Land. It is understood that Henderson now completely owns Block A and is awaiting the expiry of leases before it begins redevelopment. Land Registry data show that Well Venture, a subsidiary of Henderson Land, acquired a number of units from the Canadian Consulate for $47.5 million, or about $9 million per unit. - ECONOMIC JOURNAL RUMOURS yesterday said Hongkong Bank would sell the 20 per cent stake it holds in Hang Seng Bank for $58 a share to the People's Bank of China. This would bring $22.4 billion to Hongkong Bank. An announcement will be made within the month. The rumours led Hongkong Bank shares to rise yesterday, while Hang Seng Bank fell back. Hongkong bank has denied the rumours. - WAH KIU YAT PO YIP Yiu-team, head of the Fong village in Guangzhou, says the district authority is attracting investment by New World, Henderson and World International. Approval for foreign development of a second plot of land has been given. Of the three companies, NewWorld will have the largest floor area to develop and will invest two billion yuan (about HK$2.69 billion at the official rate) in the project. Henderson and World will have equal shares of land and will each invest one billion yuan. - WAH KIU YAT PO COLIN Marshall, deputy managing director of Hongkong Bank, says the bank's policy of lowering the mortgage lending ceiling was made in consideration of the price rises and trading volume increase. The bank would like to see the property market cool down inorder to avoid a repeat of the 60 per cent surge in property prices in 1991, which the bank considers to have been unhealthy. - MING PAO THE market awaits the results of Bank of East Asia today and it is expected the bank will post strong results which will support its share price. Analysts say because the proportion of mainland business is higher than most banks there has been a downward revision of forecasts for its second-half profits by some brokerages. Ka Wah Bank will announce its interim results on August 5 and the market has no doubt about its healthy growth but its share price does not reflect this optimism. - TIN TIN DAILY NEWS APART from bank stocks, market analysts recommend watching SHKP and Hutchison Whampoa. The two stocks both rose yesterday on heavy turnover. SHKP saw 270,000 shares traded in one lot at $36.25. Lots of 100,000 shares were also traded. - TIN TIN DAILY NEWS CHAN Chi-chung, a director of Applied International, says Norinco is considering the acquisition of a stake in Applied International. When asked about Applied's potential joint venture with Norinco, Mr Chan said the companies would each have a 50 per cent interest in the project. The joint venture will invest US$2 million in marketing to enter the mainland retail market. - MING PAO MORE than 30 per cent of the office space in a commercial building at 18 Java Road, North Point developed by Henderson Land was sold on the first day of sale yesterday. About 20 per cent of retail units were sold. Henderson offered 12 floors of office space, with a total of 75 units at an average price of $4,156 a square foot. Also offered were 11 retail units at $15,793 a sq ft. - MING PAO KWAN Ying-wai, managing director of Continental Mariner, says the acquisition of Lolliman should be completed in August. Completion of Continental's rights issue will help raise cash for the completion of the company's investment in industrial property andinfrastructure projects on the mainland.- SING PAO LO Ka-shui, managing director of Great Eagle, says although China's austerity programme will have an adverse effect on the Hongkong property market, the demand for property by individuals should remain strong. He says the supply of luxury properties shoulddecline in the next three years, leading to an increase in rental values and supporting prices.- SING PAO HIT is building a container terminal in Nanhai with Nanhai Transport Holdings. The first phase is expected to be operating early next year.- EXPRESS NEWS Chinese Press Digest is produced by Corporate Information Services. For pre-publication service and other services, telephone 865 5006 or fax 865 5835.