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PRESS DIGEST-Hong Kong - Aug 19

by alonzosay12

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Aug 19 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Monday. Reuters has not verified these stories and does not vouch for their accuracy.

 

SOUTH CHINA MORNING POST

 

-- United States fund house Templeton Emerging Markets Group may open an office in Shenzhen's Qianhai economic zone and set up Hong Kong-domiciled funds that can be sold on the mainland, according to executive chairman Mark Mobius. (link.reuters.com/deb52v)

 

-- Regional banking group CIMB, which acquired key Asian assets of Royal Bank of Scotland last year, is targeting China for rapid business expansion outside its home market in Malaysia. The group recently won approval from China's banking regulator to set up a branch in Shanghai, said Betty Zhao, the head of CIMB's China investment banking unit. (link.reuters.com/feb52v)

 

-- Juneyao Group, which runs airlines and dairy businesses, along with other privately owned companies including Fosun Group and Shanda Interactive Entertainment, plans to establish a bank with an initial investment of 5 billion yuan ($817.66 million), according to sources with knowledge of the plan. (link.reuters.com/geb52v)

 

HONG KONG ECONOMIC JOURNAL

 

-- China Everbright Bank Co Ltd signed a strategic cooperation agreement with the telecom giant China Unicom Hong Kong Ltd to develop business in mobile finance.

 

HONG KONG ECONOMIC TIMES

 

-- China Cinda Asset Management Corp, one of the four asset managers set up to manage bad loans in late 1990, has submitted its listing application to the Hong Kong stock exchange, expects to raise about 1.5 billion yuan by October at the earliest, according to market sources.

 

THE STANDARD

 

-- Gemdale Properties and Investment Corp Ltd said it has purchased six projects in the mainland from its parent for HK$1.27 billion ($163.79 million). Those sites will be developed into residential properties. (link.reuters.com/heb52v)

 

APPLE DAILY

 

-- Magnum Club, one of the top clubbing venues in the city, has started preparing for its initial public offering, planning to list in Hong Kong by the end of the year, according to market sources.

 

For Chinese newspapers, see............... ($1 = 6.1150 Chinese yuan) ($1 = 7.7540 Hong Kong dollars)

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