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HONG KONG NEWSPAPER HIGHLIGHTS - NOV 3, 2009

Posted on: Mon, 02 Nov 2009 20:07:00 EST

Symbols: SCHPY

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HONG KONG, Nov 03, 2009 (AsiaPulse via COMTEX) --
SCHPY | Quote | Chart | News | PowerRating -- Highlights of today's
newspapers:

SOUTH CHINA MORNING POST:

- Longfor Properties of Chongqing is a step closer to
reaching its HK$7.1 billion initial public offering funding
target after receiving US$197.5 million from five cornerstone
investors.

- Mainland aluminium producer China Zhongwang Holdings has
instructed accounting firm Ernst & Young to independently
review its initial public offering prospectus following
allegations that the firm falsified information about its
customer base in the share-offer document.

- Swire Pacific's surprise proposal to spin off its property
unit for the second time could raise up to HK$30 billion in the
stock market's biggest-ever property flotation.

- Hong Kong's air-cargo sector has seen the first signs of
recovery since the start of the global financial crisis, with
the city's largest ground handler of air shipments expecting
the first monthly volume gain since July last year.

- Volatility on the mainland's new Nasdaq-style market has
prompted a wave of finger-wagging from state-owned media, with
analysts warning investors of the risks of speculating.

- Rio Tinto may use a new pricing mechanism to determine how
much China will pay for iron ore after the failure of talks
this year, chief executive Sam Walsh said.

- The bankruptcy of CIT Group, a leading United States
financier of small and medium-sized enterprises, will not
immediately have a severe impact on trade with China, including
Hong Kong, because its operating units will continue to provide
funds.

- Imagi International Holdings, the Hong Kong-listed maker
of the recently released animation film, Astro Boy, has
announced the resignation of its acting chief executive after
less than six weeks in the job.

- The mainland's listed companies are set to report
year-on-year earnings growth in the fourth quarter after
struggling with declining profits for the past four quarters.

THE STANDARD:

- Hong Kong stocks went on a roller-coaster ride yesterday,
with the Hang Seng Index tumbling more than 500 points at one
stage.

- Hong Kong homebuyers will be under pressure from mortgage
repayments when interest rates rise, the Asia-Pacific chief
executive of HSBC (0005) warned yesterday.

- Next year will be a good time for the mainland to end its
loose monetary policy, according to China Merchants Bank (3968)
chairman Qin Xiao.

- The second batch of Hong Kong dollar-denominated
government bonds has been warmly received, attracting a total
of HK$9.11 billion worth of subscriptions from institutional
investors, especially pension funds and insurance funds,
sources said.

For full details on (SCHPY) SCHPY. (SCHPY) has Short Term PowerRatings at TradingMarkets. Details on (SCHPY) Short Term PowerRatings is available at This Link.

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