WHEELOCK and Co says a joint venture formed with the Virgin Group will establish an entertainment chain store in Hong Kong to test market response and to gain experience before it moves into China. The joint-venture company plans to begin operations in Shanghai and Shenzhen a year from now. Wheelock expects the joint-venture company will establish Megastores in Harbour City and Times Square by the end of this year. - ECONOMIC TIMES WHEELOCK and Co bought back 266,000 shares at between $18.70 and $18.90 per share on March 13. - ECONOMIC TIMES AN office block in Kowloon Bay developed by Wheelock and Co went on sale yesterday. A total of 54 units were offered and sources say 40 per cent of the units have been sold. - SING TAO SAN Miguel has signed a five-year syndicated loan agreement worth US$26 million with a number of banks. The money raised will be used to finance the establishment of a joint-venture plant in Shunde. The plant is San Miguel's second joint venture in China. The loan is led by the Bank of America and the Bank of Asia, and members include Banque Nationale de Paris, Mitsubishi Bank, Sanwa Bank and Sumitomo Bank. - ECONOMIC TIMES JARDINE Matheson Holdings and Jardine Strategic Holdings both bought back shares on Wednesday. Jardine Matheson bought back 14.39 million shares. Jardine Strategic bought back the same number and has an equal level of holdings in the company's total issuedcapital. - EXPRESS NEWS JARDINE Strategic Holdings has continued to increase its stake in Dairy Farm International Holdings. Dairy Farm has told the stock exchange that Jardine Strategic now holds more than 872 million shares in the company, raising its holdings from 50.18 per cent to 51.02 per cent. - ECONOMIC TIMES THE share price of Dairy Farm International Holdings fell four per cent in yesterday's trading. Market players attributed the fall to a downgrading of investment ratings of the stock by Kleinwort Benson. The investment house took the action amid worry about the prospects for supermarket trade in Hong Kong. - MING PAO SOUTH China Industries says it plans to spin off its toy division, Wah Shing Toys, for a separate listing. However, the plan will not be carried out in the near future. The toy company accounts for more than 70 per cent of South China Industries' total operating revenues. - MING PAO CHINA Light and Power Co is to announce its results for the half year ended March. Analysts are concerned about the impact of the significant decline in electricity sales in China on the company's earnings. However, some investment houses, notably Kleinwort Benson, are positive in their outlook for the company. Kleinwort Benson predicts China Light's earnings over the next four years will post healthy growth. - MING PAO VITASOY is the most outstanding performer among the newly listed issues this year. It has been trading in the $3 range and has been tipped to reach $4. Market analysts say that Vitasoy is a stock with a strong China concept. It has actively expanded on themainland and has ventured into overseas markets. It is understood that many investment funds are highly interested in the stock. - TIN TIN DAILY NEWS ORIENT Overseas issued a statement yesterday clarifying that the group has no plans to issue convertible bonds, and it was unable to explain its recent share price rise and increase in trade volume. - MING PAO WHARF (Holdings) has bought an industrial block in Yau Tong from China Resources for $175 million, an average of $1,093 per square foot. It is expected that Wharf will retain the property for its own use. - SING TAO ONFEM Holdings bought back 206,000 shares at prices between $2.75 and $2.85 a share on March 13. - ECONOMIC TIMES IT has been rumoured that a mainland state enterprise is considering buying a stake in Chuang's China. The enterprise is apparently well known in Hubei. - TIN TIN DAILY NEWS ACCORDING to sources, the 28th floor of Far East Financial Centre in Admiralty has changed hands for $185.76 million, an average of $17,200 a square foot. This is 32.3 per cent higher than the price recorded in December last year. - ORIENTAL DAILY NEWS SOUTH China Brokerage has recommended investors buy shares in Sino Land Co. It cited a number of reasons for its optimism about the stock. The net asset value (NAV) of Sino Land stands at $18 a share. Its present market price is below $9, representing a 50per cent discount to its NAV. Its expected 1993 profits are $1.72 billion, and its 1995 and 1996 profits are expected to record further growth. The company's land reserves are about 12.56 million sq ft, and it has 59 projects under development. The companyalso owns 3.64 million sq ft of investment properties. In addition, income generated from rental properties is expected to increase on a yearly basis because of the rise in rental value. Finally, Sino Land's spin-off plan for its hotel division is beneficial to its shareholders. - WEN WEI PO
