June 18, 2013 / 1:51 AM / 4 years ago

PRESS DIGEST - Hong Kong - June 18

HONG KONG, June 18 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Tuesday. Reuters has not verified these stories and does not vouch for their accuracy.

SOUTH CHINA MORNING POST

-- JP Morgan Chase expects to achieve annual revenue growth of more than 10 percent from its Asia-Pacific business over the coming years because of economic growth in the region and opportunities including the internationalisation of the yuan, said Daniel Pinto, a co-chief executive of JP Morgan's corporate and investment bank division. (link.reuters.com/waw88t)

-- Fang Xinghai, former head of the Shanghai Financial Services Office, has been named a senior official at the Office of the Central Leading Group for Financial and Economic Affairs, sources close to the leadership said. (link.reuters.com/xaw88t)

-- A Macau court has charged Joseph Lau, chairman of Chinese Estates Holdings Ltd, who declined to attend the court for the fourth time, and businessman Steven Lo with one count of bribery and one count of money laundering. Both Lau and Lo have denied the charges. (link.reuters.com/zaw88t)

THE STANDARD

-- New Century Hotels is expected to spin off some of its hotel assets on the local board as a real estate investment trust. The hotel chain will open the retail book on June 20, trying to raise up to HK$3.12 billion ($402.07 million). (link.reuters.com/bew88t)

-- Cellphone maker TCL Communication Technology Holdings Ltd expects profit margins to bottom out this year and start improving after its smartphones were well received in Europe. (link.reuters.com/cew88t)

APPLE DAILY

-- Shenzhen’s Shuibei Jewelry, a mainland retailer of mass-market jewellery and accessories, has still not had its listing hearing in Hong Kong and probably cannot be listed in this quarter, sources said.

WEN WEI PO

-- Chinese developer Agile Property Holdings Ltd said it has acquired a commercial and residential land site in the center of Zhongshan, Guangdong, for 320 million yuan ($52.24 million).

-- Sinosoft Technology Group, which is 25 percent owned by Chinese e-commerce giant Alibaba Group, plans to list on the Hong Kong stock exchange on July 5, aiming to raise $60 million in its initial public offering, according to market sources.

TA KUNG PAO

-- Chinese developer Shimao Property Holdings Ltd said contracted sales for the first five months have completed 46 percent of the company’s full-year sales target of 55 billion yuan. The company has no plans to raise the sales target.

For Chinese newspapers, see............... ($1 = 7.7598 Hong Kong dollars) ($1 = 6.1250 Chinese yuan) (Reporting by Twinnie Siu; Editing by Supriya Kurane)

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