HONG KONG NEWSPAPER HIGHLIGHTS - JULY 24, 2008

HONG KONG, Jul 24, 2008 (AsiaPulse via COMTEX) -- SCHPY | Quote | Chart | News | PowerRating -- Highlights of today's newspapers:

SOUTH CHINA MORNING POST:

- Hong Kong Exchanges and Clearing (SEHK: 0388) has warned that the unfolding global credit crunch is hurting the finances of listing candidates and advised investment banks to bolster their disclosure to investors.

- Citic Resources Holdings may offer as much as US$10 billion for the coal-gas assets of Australia's Origin Energy, highlighting the mainland's growing thirst for new energy sources.

- Great Wall Motor said yesterday it might hire independent car experts to support a possible appeal to an Italian court ruling that its Peri passenger car was a copy of Fiat's Panda.

- China South Locomotive & Rolling Stock may have to defer its initial public offering of H shares as it awaits the mainland regulator's permission for its A-share listing plan.

- Shares in China Construction Bank, the country's largest mortgage lender, jumped more than 3 per cent yesterday after a newspaper reported the lender may buy a 20 per cent stake in an Indonesian bank.

- The Carlyle Group has finally admitted defeat in its battle to buy a stake in Xugong Group, the mainland's biggest maker of construction equipment, a deal widely seen as a litmus test of the country's openness to foreign investment.

- Macau's casino revenues fell 3.1 per cent in the second quarter, the first quarter-on-quarter decline since the market was liberalised in 2005, as mainland visitors reduced trips in the wake of a devastating earthquake in May and a sluggish stock market.

- Hong Kong blue chips rose yesterday, driving the benchmark index to a five-week high, on speculation earnings can withstand a global economic slowdown as a retreat in oil prices eases energy costs.

- Swire Properties yesterday said it planned to pour HK$1.5 billion into renovating its flagship shopping centre, Pacific Place in Admiralty, to meet rapid changes in the retail market.

THE STANDARD:

- China should waive more personal taxation and cut its levy on interest income to relieve mainlanders from inflationary pressures, the financial and economic committee of the National People's Congress said yesterday.

- Henderson Land Development (0012), controlled by tycoon Lee Shau-kee, plans to sell 10 billion yuan (HK$11.42 billion) of flats each year in the mainland from 2011.

- Swire Pacific (0019) plans to spend about HK$1.5 billion on refurbishing Pacific Place in Admiralty. The mall will remain open for business throughout the project period.

- The Chinese government is studying the possibility of merging China Eastern Airlines (0670) and Shanghai Airlines to cope with soaring fuel prices, mainland media reported.

- A consortium led by Hutchison Port Holdings, a unit of Hutchison Whampoa (0013), offered the highest of three bidders in the tender for 30-year rights to the Greek port of Thessaloniki, the port authority announced.

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