FIVE consortiums have submitted their bids for a reclamation projects for China Resources' new Tsing Yi oil depot. According to sources, China Resources gave only four weeks for companies to prepare their bids and this indicates that China Resources is anxious to complete the new oil depot as fast as possible and progress with the relocation of the Nga Ying Chau oil depot to Tsing Yi. This will pave the way for a commercial and residential project in Nga Ying Chau.- MING PAO DAO Hang Bank is arranging a small syndicated bank loan of $1 billion. The company raised US$155 million earlier this year and both loans have been made to meet the costs of acquiring Overseas Trust Bank. A document released by Dao Heng shows that the syndicated loan will be raised by Barclays and the Bavarian Bank of Germany. According to banking sources the loan will be for only 364 days and because it is for less than one year the associated risk is small.- ORIENTAL DAILY NEWS FOLLOWING a brief period of consolidation, the share price of Mandarin Dragon has begun to rise again. Yesterday, its turnover was $20 million shares. This weekend, fund managers will be invited to visit the company's mainland plant and securities sources believe the share price will improve early next week.- SING PAO NOMURA has been active in the Hong Kong market of late and has been buying SHKP, Cheung Kong, Henderson Land and Hang Lung.- ECONOMIC TIMES ACCORDING to a report from a property agency, luxury property prices on Hong Kong island rose more than 30 per cent in the first half of the year. It says the supply of luxury properties on the Peak, Mid-Levels and South Island will be limited and it is believed that this will push up luxury property prices.- ECONOMIC JOURNAL AFTER the market closed yesterday, there were reports that Peregrine would arrange a placement of 220 million shares of KS Shougang International for Shougang Corp and Cheung Kong. The offer is expected to be well-received but the fact that the major shareholders are selling will put pressure on the prices of other red chips. The performance of red chips yesterday was disappointing, especially Hoi Sing which had been strong.- TIN TIN DAILY NEWS SPECULATION on shell stocks has reappeared in the market. Following the acquisition of Hoi Sing by a mainland enterprise, Guangdong Trust and Investment has announced a formal takeover bid for Emperor China. The takeover price proposed by GITIC is $4 a share. Some market sources predict that when Emperor China resumes trading its price could reach $8 a share. Other stocks that have been driven up by speculation include Allied Group and Allied Properties. Elsewhere, Chesterfield, another shell stock, has fallen from 90 cents to just over 50 cents, due to continuous selling in the market. Market sources are concerned that there may be unusual developments at the company of which they are unaware.- TIN TIN DAILY NEWS CHEUNG Kong defeated Hang Lung in the bidding to redevelop the St Christopher's children's home in Tai Po. Observers say the proposal by Cheung Kong ensures that church workers will have a place of residence in the future. At a time of high property prices this proposal was therefore more attractive to church workers than the sale of the church to developers in order to raise capital.- ECONOMIC TIMES THE share price of Allied Group surged yesterday on high turnover. Allied Group chairman Lee Ming Tee has had close ties with Sun Hung Kai Securities since he arrived in Hong Kong many years ago. It is reported that this market maker instructed its employees to buy Allied Group shares. Market sources say rumours of the imminent acquisition by Li Ka-shing and Shougang of Allied Group may have contributed to the rise in the share price. It is known that market makers bought large lots of shares in Allied Group for less than $1 a share and market sources say this is in anticipation of an announcement regarding the acquisition. The principle asset of the Group is Allied Properties. Last week it was rumoured that Allied Properties was discussing the possible saleof Blocks A and B of Tregunter Garden for $1.6 billion. Allied Properties' net asset value per share is close to $3.- ECONOMIC TIMES WONG Ah-hek, managing director of Newfoundland International says Kwong Tai Group - controlled by the State Council of China - has restructured its assets following its acquisition of Newfoundland. At present, Newfoundland is looking to invest in companies and projects which can provide high rates of return in order to consolidate the profitability of the company. It will invest in selected larger long-term projects in the future. Mr Wong says since the completion of the acquisition by Kwong Tai in the middle of this year, Kwong Tai has sold assets with limited potential and those which had not been managed efficiently.

Kwong Tai has used some of its capital reserves to repay Newfoundland's debts and it has improved the management of the company. Newfoundland will look for investment opportunities on the mainland and in Hong Kong, but the projects it plans to invest in may not only be assets injected by its parent company. Mr Wong says Newfoundland is discussing a possible partnership with several industrial companies in Sichuan, including a cement company, a silk company and two Chinese medicine companies. The stakes that Newfoundland wants to take in these projects range from 51 per cent to 70 per cent. He says all these investments will be profitable within the first year. For example, the cement plant made a profit of $12 million in 1992. Newfoundland will raise its annual production from 500,000 tons to one million tons of cement and the plant's profit this year is expected to increase from $30 million to $40 million.- ECONOMIC JOURNAL CHAO Charm-wong, chairman of Peacemark, expects the company's 1993-94 profits to grow by more than 15 per cent and predicts that profits in the second half will be higher than in the first half. Peacemark's 1992-93 results showed profits of $22.8 million, an increase of 19.44 per cent on the previous year. Mr Chao says Peacemark has introduced its range of fashionable watches in Europe and the US and there has been a good response from consumers in these regions. Because its products are in strong demand in these countries, economic recession has not adversely affected Peacemark's business. In fact revenues from these areas grew by 10 per cent last year, accounting for a significant proportion of profits. Mr Chao remains optimistic about the prospects in both markets.- ECONOMIC TIMES FAN Hung-ling, managing director of CITIC Pacific, says the company has formed a consortium and submitted a letter to the Government declaring its interest in bidding for the contract for Route 3. Members of the consortium include the China Merchants group, China Resources, China Construction, Kumagai (HK) and Kumagai (Japan). However, when the Government puts forward its formal invitation to tender later this year, new members may be invited to join the consortium. Mr Fan says the letter of intent included an estimated bidding price and other details of a possible bid, but he declined to give further details of the proposals.- MING PAO