PRESS DIGEST - Hong Kong - July 25

HONG KONG, July 25 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Friday. Reuters has not verified these stories and does not vouch for their accuracy.

APPLE DAILY

-- Blue-chip New World Development (0017.HK) was censured on Thursday after a seven-year investigation by Hong Kong Exchanges and Clearing (0388.HK) over alleged breaches of listing rules. It was the first time a blue chip firm was censured.

HONG KONG ECONOMIC TIMES

-- Forty-nine percent of expatriates in Hong Kong receive an annual salary of HK$1.55 million, according to an HSBC study. The pay level ranked No.1 in the study.

MING PAO DAILY NEWS

-- Total exports in value fell 0.6 percent on year in June, according to government figures. The decline was the first since May 2006.

SING TAO DAILY

-- China Telecom (0728.HK) plans to invest 100 billion yuan in the development of its CDMA network over the next three years. The company and its parent will sign an agreement next week to acquire the CDMA network asset from China Unicom (0762.HK).