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Enoch Yiu

These are the leading stories in Hong Kong and mainland Chinese newspapers and websites on Thursday. The South China Morning Post has not verified these stories.
 
China Securities Regulatory Commission says there will be 24 new initial public offerings from March 10. They include 12 companies to be listed in Shanghai, four in Shenzhen and eight on Shenzhen’s Growth Enterprise Market. (Shanghai Securities News)
 
Poor retail sales have led to rent reductions in Hong Kong. A 2,700 sq ft ground floor shop in Yee Wo Street, Causeway Bay, has a new lease with a monthly rental of HK$400,000, down 17 per cent from the previous lease. Analysts said falling sales due to a decline in tourist numbers had led some retailers to retreat from expensive rental areas such as Causeway Bay. (Oriental Daily News)
 
Credit rating agencies Moody’s expects the Hong Kong Monetary Authority’s recent tightening of mortgage policy will have a negative impact on Hong Kong property developers. The tightening would lead developers to slow down their sales, cutting their turnover and reducing liquidity, Moody’s said. (Sing Tao Daily)
 
Bank of East Asia and Bank of Communications have joined a wave of banks offering high interest rates to attract yuan deposits. BEA is offering a 4 per cent annual rate for three-month yuan deposits while BoCom is offering 4.04 per cent. Chong Hing is offering 4.18 per cent, Citibank 4.2 per cent and China Construction Bank 4.3 per cent. The moves come as depositors exchange yuan deposits back into Hong Kong dollars or other currencies in light of the yuan’s depreciation, prompting banks to offer higher interest rates in the fight for deposits. (Apple Daily)


PRESS DIGEST - Top stories in Hong Kong and mainland China newspapers on March 5

Oriental Daily News quotes analysts as saying some retailers are retreating from expensive rental areas such as Causeway Bay. Photo: Felix Wong

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