A SALES outlet of Giordano Holdings in Wangfujiang Main Street, Beijing, was ordered to close at 4 pm yesterday by the Ministry of Foreign Trade and Economic Relations. The official reason given for the closure order is that the operating licence of the outlet had not been formally approved. However, the incident is clouded by Jimmy Lai, Giordano's chairman, making recent public criticism of Premier Li Peng. - ECONOMIC JOURNAL A DIRECTOR of Giordano says management miscalculated the mainland market at the time of its first ventures into China. He also says the company put its products in the Hong Kong market as medium to down-market lines, but similar products are not thought to be of the same class when sold on the mainland market. - ECONOMIC JOURNAL SEAUNION Holdings says it will make a convertible notes placement worth $93 million with Husky Oil, which is 49 per cent owned by Hutchison Whampoa, to finance part of its planned acquisition of an indirect interest in an Indonesian oil concession. The company also says it will carry out a two for one placement of new shares, in addition to placing shares with a China state-owned oil enterprise, to raise the necessary capital to acquire the balance of the concession. - ECONOMIC JOURNAL MANHATTAN Card says it will formally introduce a preferential plan featuring reduced annual fees or no annual fees. Cardholders will be exempted from paying the entire annual fee or part of it provided they meet one of two conditions required under the plan. - ECONOMIC JOURNAL SOURCES say Wheelock is planning to make a $1 billion floating rate notes issue which will be arranged by Goldman Sachs International. - ECONOMIC JOURNAL SOURCES in the capital market say Dah Sing is planning to issue US$75 million worth of floating rate certificates of deposit. An underwriting syndication is being formed to handle the issue which will have a maturity of three years. - ECONOMIC JOURNAL PROPERTY sources say Fountain Set has sold an industrial building in Yuen Long for $36 million, an average of $600 per square foot. Industry sources say Fountain Set has developed two phases of the Fountain Set building at Hung Cheung Road, Tuen Mun, and part of the company's operations have been relocated to that building. - ECONOMIC JOURNAL SUN Hung Kai Properties says 70 per cent of the 40 units of Villa Athena offered were sold on the first day. The firm put 40 units in block 10 up for public sale last Saturday. It offered an additional 12 units for sale on Sunday at the same price. - ECONOMIC JOURNAL IT is reported that the 41st floor of the Hong Kong Convention and Exhibition Centre in Wan Chai will be sold as 10 small units with floor areas from 1,204 sq ft to 3,336 sq ft. The minimum asking price for units with a mountain view will be $14,900 per sq ft. Units with a sea view will start from $16,400 per sq ft. It is reported that two of the smaller units have already changed hands. - ECONOMIC JOURNAL WHARF Holdings expects that Times Square and Gateway, two major investment properties developed by the property group, will generate rental incomes exceeding $1.5 billion for the 1995 financial year. The revenues will be more than those provided by Harbour City. Times Square offers 900,000 sq ft of shopping space and one million sq ft of Grade A office space. Wharf forecast that Times Square rental income in 1995 will break the $1 billion level, reaching $1.02 billion. Gateway in Tsim Sha Tsui will offer 1.2 million sq ft of office space. Wharf predicts that rental income generated by Gateway will be more than $500 million annually. - ECONOMIC TIMES IT is reported that Nigel Rich the ex-head of Hongkong Land Holdings has been appointed to head Trafalgar House in Britain. The move is seen as a step by Hongkong Land to assume control of Trafalgar. In the '80s the market capitalisation of Trafalgar exceeded that of Hongkong Land. The positions have now been reversed. - ECONOMIC TIMES HENDERSON Land is reported to have lifted its shareholding in Henderson Investment by 24.778 million shares on August 2, increasing its stake from 65.05 per cent to 66.02 per cent. - ECONOMIC TIMES THE banking sector remains firm despite a generally soft market. It is rumoured that some banks are considering gradually loosening their mortgage lending policy in September. Banks which are heavily weighted in residential mortgage lending are performing particularly well. - TIN TIN DAILY NEWS RUMOURS concerning Hongkong Land looking for buyers for its core properties are circulating in the market. Rumours are rife that CITIC Pacific will team up with the Kerry Group to make a $7 billion offer for the entire block of 3 Exchange Square in Central. - TIN TIN DAILY NEWS QPL International is raising its first syndicated credit facility. The amount to be raised will be at least US$40 million and will be mainly directed towards the repayment of short-term debt and to finance several of its overseas plant construction projects. - ORIENTAL DAILY NEWS YESTERDAY it was stated that Dharmala Holdings was to set up a plant in Malaysia. It is in fact World Houseware which is to establish the plant.