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SOUTH CHINA MORNING POST:
- Mainland consumers are set to increase their spending as Beijing revs up the market with plans for more jobs and new loans, according to a survey released yesterday by MasterCard.
- Four people were yesterday sentenced to nine months each in prison for fraud in applying for seven initial public offerings that netted them a total of about HK$270,000 in 2006.
- Shares in Macau gaming firms soared yesterday after the government formally implemented a long-anticipated cap on the commissions that casinos in the city pay to their VIP junket agents.
- Porsche, one of the most powerful sports cars in the world, may have a little less grunt on the mainland following a government policy discouraging gas guzzlers.
- Beijing may open the door to international private equity investors by extending its tightly controlled qualified foreign institutional investor (QFII) programme.
- The mainland's wind power turbine industry is headed for a major consolidation, with fewer than 10 out of more than 100 manufacturers likely to survive the shake-out.
- Mainland investors can start subscribing to initial public offerings in the first 10 firms to be listed on the country's new Nasdaq-style market on Friday, three weeks ahead of schedule, as the regulator fast-tracks the long-awaited second board.
- Carlyle Group co-founder David Rubenstein and Blackstone Group chairman Stephen Schwarzman are counting on a Chinese revolution - one being waged by shoppers, not peasants.
- Hong Kong shares gave in to profit-taking pressure and ended 0.7 per cent lower yesterday after hitting highs last week, while Shanghai stocks finished 0.2 per cent firmer as retailers helped reverse losses.
- Shimao Property Holdings (SEHK: 0813), whose net profit rose 30.4 per cent in the first six months, said yesterday it had signed a framework agreement for a 40 billion yuan (HK$45.41 billion) mixed-used development in Wuhan.
- Yahoo Hong Kong has overhauled its free e-mail service, the city's most popular with an estimated 1.6 million users, to add more online social-networking features and custom applications.
THE STANDARD:
- Backed by big-name cornerstone investors, the institutional tranche of Wynn Macau's HK$12.6 billion public offering was oversubscribed by up to five times when it started bookbuilding yesterday.
- Shares of Macau plays rocketed yesterday, bucking the general market declines, following a report that China has quietly eased restrictions to allow residents of Guangdong province to visit the enclave more frequently.
- China Telecom (0728) slowed the pace of subscriber additions in August for its nascent mobile service, after six straight months of accelerating growth, as a limited supply of handsets held back an all-out marketing push.
- The Hong Kong stock market was sluggish and lacked direction yesterday, with some regional markets closed as Muslims marked the end of the holy fasting month of Ramadan.
- With strong support for wind energy worldwide, China High Speed Transmission Equipment (0658) will spend 1.8 billion yuan (HK$2.04 billion) to expand production capacity.
- An experienced buyer of luxury homes, Eric Chu Nap- kee, has bought a commercial building in Central for HK$3.6 billion - the biggest property deal in recent years - sources told Sing Tao Daily, sister publication of The Standard.
- Chinese retailer Wumart Stores (8277) is likely to acquire smaller rival Times Ltd (1832) for around US$600 million (HK$4.68 billion) to boost its national distribution network.
- China has no need to fear asset bubbles in its residential or equity markets as the leverage level remains low, according to CLSA, which also says Beijing's macroeconomic track record proves it has a good grip on monetary policy.
cg
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