Press Digest: Hong Kong - Dec 1

Cafe De Coral Holdings

01/12/2015 01:18

HONG KONG, Dec 1 (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  
    - The MTR Corporation  0066.HK  will be bailed out by 
taxpayers for the cost overrun of the long-delayed, high-speed 
rail link to the mainland. However, the operator plans to offset 
the amount by paying the government, its majority shareholder, a 
special dividend. Under the agreement, the rail link will be 
completed in the third quarter of 2018 with the cost revised 
down to HK$84.42 billion ($10.9 billion). (http://bit.ly/1Tpirsf) 
    - Opening of a proposed pop-up shopping centre near the 
border meant to lure mainland visitors is being further 
postponed, and will not be ready by Lunar New Year next 
February. A labour shortage and construction problems were 
blamed for the delay of the mall in San Tin in the New 
Territories, import and export sector lawmaker Wong Ting-kwong 
said. (http://bit.ly/1YEvsRL) 
  
    - Hong Kong has sweltered through its hottest November since 
1884, almost a degree higher than 2006 - the previous highest on 
record. A combination of climate change and unusually light 
monsoon activity led to average temperatures of 24.1 degrees for 
November. A spokesman for Hong Kong Observatory said global 
warming and local urbanisation had contributed. (http://bit.ly/1YEvWr2) 
     
    THE STANDARD 
    - About half of the entrepreneurs are already considering 
opportunities in the mainland, according to a poll by Hong Kong 
Federation of Youth Groups. It said Hong Kong rated seven of 10 
marks in difficulty for tech start-ups to get off the ground. 
The survey found that government policies and business ambience 
scored the lowest marks in the city. (http://bit.ly/1PppMcV) 
    - Local fast food chain Cafe de Coral  0341.HK , which had 
lifted prices by 1 to 1.5 percent in the past six months due to 
increased cost of raw materials and labour, announced another 
price hike of 2 to 3 percent. Chief financial officer Mike Lim 
Hung-chun said the company aimed to open 30 more stores within 
the fiscal year ending in March as the leasing market in the 
city is becoming stable. (http://bit.ly/1LJTSQq) 
    - CK Property  1113.HK  executive director Justin Chiu 
Kwok-hung said mortgage loan plans for new homebuyers are not 
being funded by banks, but by developers themselves. Hong Kong 
Monetary Authority deputy chief executive Arthur Yuen Kwok-hang 
said earlier the subsidiaries of developers have been providing 
high-ratio loans, and it has asked banks to submit information 
about capital source. (http://bit.ly/1IkKiIU) 
             
    HONG KONG ECONOMIC JOURNAL  
    - Luxury goods retailer Dickson Concepts (International) Ltd 
 0113.HK  saw its loss for the fiscal first half, ending in 
September, narrowing to HK$76.2 million ($9.8 million), against 
HK$133 million loss the same period a year ago. Its revenue fell 
11.2 percent year on year, while same store sales slid 10.5 
percent. 
     
    For Chinese newspapers, see............... PRESS/CN   
($1 = 7.7506 Hong Kong dollars) 
 
 (Reporting by Donny Kwok; Editing by Sherry Jacob-Phillips) 
 ((donny.kwok@thomsonreuters.com)(+852 2843 6470)(Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: PRESS DIGEST HONGKONG/