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SOUTH CHINA MORNING POST:
- Kerry Properties will adjust its mainland investment strategy in the wake of a slowdown in the property market, according to a top executive at the company.
- The Venetian Macao's massive expansion plans have been hit by the global credit crunch, with a proposed loan to the casino cut to less than US$5 billion from the original target of US$7 billion.
- China Oriental Group (SEHK: 0581), a steelmaker in Hebei province, is looking at strengthening co-operation with its second-largest shareholder, ArcelorMittal, after reporting a 9 per cent growth in first-half profit.
- Hong Kong shares fell 2.13 per cent yesterday to close at a new one-year low, weighed down by losses in property stocks ahead of earnings reports, but power stocks rallied on hopes that Beijing will allow more tariff increases after the Olympics.
- Hutchison Telecommunications International (SEHK: 2332) Ltd (HTIL), the telephone unit of Hutchison Whampoa (SEHK: 0013), says it will probably not make any acquisition for the rest of the year because of a lack of reasonably priced targets.
- The central government has raised tariffs charged by power plants to distributors by about 5.5 per cent in a surprise move aimed at resolving widespread coal and power shortages caused by price controls.
- China Overseas Land (SEHK: 0688) & Investment, a leading mainland developer whose first-half underlying profit soared 94 per cent, plans to sell 73 residential projects in the next four months to meet the remaining 46 per cent of its annual contract sales target.
- Soaring rentals for the 500 square foot flats typically on offer in Sheung Wan have turned the attention of some investors and tenants to opportunities for converting commercial units in run-down locations in the area into spacious and trendy "loft-like" living.
THE STANDARD:
- Hong Kong stocks plunged 2.1 percent yesterday to hit a new one-year low, as the recent wave of selling on the local bourse spread to Hong Kong banks and property plays.
- Natural disasters have devastated the financial results of PICC Property and Casualty (2328), the mainland's largest non-life insurer, which reported a first-half net loss of 292 million yuan (HK$332 million), compared to net profit of 3.19 billion yuan a year ago.
- Based on the experience of Hong Kong's stock market crash from 1973 to 1974, the Hang Seng Index may plunge 90 percent before touching bottom.
- Net profit of China Overseas Land & Investment (0688) jumped 68.8 percent in the first half on the back of strong mainland property sales.
- Hutchison Telecommunications International Ltd (2332) reported first- half net profit plunged 98 percent to HK$1.165 billion from HK$70.1 billion a year ago.
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