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HONG KONG NEWSPAPER HIGHLIGHTS - APRIL 8, 2009

Tue. April 07, 2009; Posted: 11:26 PM
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HONG KONG, Apr 08, 2009 (AsiaPulse via COMTEX) -- SCHPY | Quote | Chart | News | PowerRating -- Highlights of today's newspapers:

SOUTH CHINA MORNING POST:

- Electricity supplier CLP Holdings (SEHK: 0002) has agreed to buy mainland wind-power projects from its Australia-based partner for HK$730 million, making its first move to restructure its renewable energy investments overseas.

- Citic Group is expected to remove Larry Yung Chi-kin as chairman of Citic Pacific (SEHK: 0267) in the next few days and has sent a team to further investigate the company's huge foreign exchange losses and other possible irregularities, sources said.

- East Asian and Pacific economies will face a sharp contraction this year, but China will begin recovering as early as the middle of this year, according to a World Bank report released yesterday.

- Shares in PCCW (SEHK: 0008) yesterday edged up despite an appeal filed by the securities watchdog seeking to overturn the High Court's approval for the company's controversial HK$15.93 billion privatisation.

- Esprit Holding, the biggest clothier listed in Hong Kong, hired Ronald Van der Vis to replace Heinz Krogner as chief executive.

- Asian stocks closed lower yesterday, snapping a rally that drove valuations to the highest levels since November 2007, on lower commodity prices and renewed concern about loan losses at banks.

- The pace of urbanisation on the mainland and buyer demand for properties built to internationally accepted codes is driving huge demand from developers for the services offered by professional property managers and consultants.

THE STANDARD:

- Developers have extended their battle to find homebuyers to the New Territories with Cheung Kong (Holdings) (0001) pricing some flats in its new Tin Shui Wai project near levels last seen during the SARS epidemic in 2003.

- Shui On Construction & Materials (0983), a Hong Kong-based builder, made an offer to buy the outstanding shares in London-listed China Central Properties for at least HK$1.96 billion.

- A majority shareholder is selling as much as HK$1.96 billion of shares in Shimao Property Holdings (0813) through a top- up placement after the firm announced a profit warning yesterday.

- Pacific Century Regional Developments - the parent company of PCCW (0008) - is in talks with HSBC on extending the repayment deadline for a loan taken out to finance the telco's privatization, sources said.

- CLP Holdings (0002) said it has agreed to buy the stakes in mainland wind power projects held by its partner in their joint- venture firm Roaring 40s.

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