RUMOURS are rife in the market that a Cheung Kong commercial property in Tsim Sha Tsui East is available for internal sale at between $12,000 and $13,000 per square foot. Some potential buyers are believed to be negotiating with Cheung Kong through real estate agents. A source close to Cheung Kong confirms the building will be offered for public sale next month although the price has yet to be finalised. - ECONOMIC TIMES CHINA Aerospace International has held a ground-breaking ceremony for its industrial park development in Huizhou, China. The investment for the project is about 500 million yuan (about HK$451.5 million) and it is expected to be completed in five years. - EXPRESS NEWS THE following companies bought back their own shares on September 5: Climax International bought 140,000 shares at prices between $1.14 and $1.15 a share, Tomson Pacific 118,000 shares at $3.35 each, and Tse Sui Luen 100,000 shares at $1.79 to $1.795 each. - ECONOMIC TIMES ASIA Orient increased its shareholding in Asia Standard International by 1.73 million shares on August 31. Its stake has increased from 63.48 per cent to 63.61 per cent. Dynamic Business Group reduced its shareholding in UniSouth Holdings by 800,000 shares, from 75.37 per cent to 74.49 per cent, on September 1. - EXPRESS NEWS A THAI subsidiary of Gammon Construction, which is controlled by the Jardines group, is reported to have won a 570 million baht (about HK$177.84 million) contract from CPU Hotel Co. The contract is for construction work for One Place Building, a development in Bangkok. One Place Building will have three floors of shopping space and a 22-storey luxury office block. The total floor area will be 60,000 sq ft. - SING TAO RUMOURS abounded that Guangzhou Investment has invested $200 million to buy a Singapore commercial property either for investment or for use as the company's headquarters in Singapore. - TIN TIN DAILY NEWS RONNIE Chan Chi-chung, chairman of Hang Lung Development, says the mortgage-backed securities market in Hong Kong is not yet mature but the development of such a market is imminent. He says Hang Lung has sold a portfolio covering some of the company's mortgage loans, but he declined to reveal the identity of the buyer and the amount involved. - ECONOMIC JOURNAL A SENIOR official at Henderson Land says residential property prices have bottomed out for about a month now and the company will offer a number of commercial and residential developments for sale at a time it considers to be most appropriate. He says prices for new units of Sunshine City in Ma On Shan will not be further reduced in view of improved market conditions. - ECONOMIC TIMES ACCORDING to sources, Hongkong Electric is planning to redevelop the company's plant at Kennedy Road in Mid-Levels into a 330,000 sq ft commercial property. The site has an area of 72,409 sq ft. - ECONOMIC JOURNAL TONY Hwang The-hwa, managing director of Hong Kong Parkview, says the first phase of the Parkview development in Shanghai will be completed in the middle of 1996 and pre-sale will start early next year. Meanwhile, the group's property projects in Shanghai for domestic sales are scheduled for completion by 2000. - ECONOMIC JOURNAL ISLAND Dying has told the stock exchange that Itochu Corp cut its shareholding in the company by 2.3 million shares on September 1. Itochu's stake in the company has dropped from 30.97 per cent to 27.48 per cent. - ECONOMIC TIMES NIKKO Securities says it is recommending seven H shares to individual investors in Japan, with the top choices being Guangzhou Shipyard, Maanshan Iron & Steel and Qingling Motors. A manager at Nikko Securities says that recently H shares have been the hot favourites in the Hong Kong stock market, showing an increase of more than 20 per cent in a short period. This has lured Japanese brokerage house Daiwa into signing a letter of intent with a mainland securities firm to organise a US$200 million joint-venture fund to invest in B shares and H shares. - EXPRESS NEWS NEW World Development (China) has signed a letter of intent with a power utility enterprise to pave the way for its participation in a power-plant venture in Dalian. A formal contract for the project is expected to be signed at the end of this month when a Dalian trade delegation visits Hong Kong. The total investment for the venture is estimated at 600 million yuan (about HK$541.8 million). The company will take a 70 per cent stake in the project while its mainland partner will take the rest. - SING TAO FOUR floors, with a total of 80 units, of a 20-storey industrial complex developed by Sun Hung Kai Properties in Tsuen Wan have been offered for sale at an average of $2,032 a square foot. Compared with the units offered for sale in November last year, the average price for the new units was about 10 per cent higher. - ECONOMIC JOURNAL SINO Land plans to offer 40 units in Block 6 of Avon Park, a residential property in Fanling, for sale on Saturday. Property sources believe the selling price will stay unchanged. Sino Land offered 120 units of Block 6 for sale last month at between $4,184 and $4,215 a square foot. - ECONOMIC TIMES WKK International says it has reached an agreement with a Hong Kong semiconductor company under which a subsidiary of WKK involved in the semiconductor business will be responsible for the distribution of Motorola's semiconductor products in China. The agreement took effect on August 1. The subsidiary has been the Hong Kong distributor of Motorola semiconductor products since 1989. - ECONOMIC TIMES
