Press Digest: Hong Kong - March 21

Emperor Watch & Jewellery

21/03/2014 01:47

HONG KONG, March 21 (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.   SOUTH CHINA MORNING POST  -- Two high-profile British figures with close ties to Hong Kong, former governor Chris Patten and ex-judge Lord Woolf of Barnes, stepped into the debate about Hong Kong's rule of law, echoing calls from local judicial figures to preserve its freedoms. (http://link.reuters.com/syr77v) -- Norman Chan Tak-lam, Hong Kong's de facto central banker, has been reappointed with an 8 per cent rise in pay, a move seen by bankers as a bid to sustain the city's financial stability. (http://link.reuters.com/vyr77v) -- The Hong Kong government has proposed changing the law to allow fund products to be set up in a more flexible structure in a bid to catch up with international practices and promote the city's fund industry. (http://link.reuters.com/wyr77v) THE STANDARD -- Emperor Watch & Jewellery  0887.HK  explained that a reduction in its dividend payout resulted from opening more stores. The jeweller cut dividend payout by 27.5 percent to HK$0.58 per share after 2013 net profit fell 28.2 percent from a year earlier to HK$290.3 million ($37.4 million). (http://link.reuters.com/bas77v) -- Cheung Kong  0001.HK  has priced its units in Cheung Sha Wan 10 percent lower than nearby developments. Its Trinity Towers project was the cheapest town-centre project with flats being sold for as low as HK$3.26 million or HK$8,400 ($1,100) per sellable square feet. (http://link.reuters.com/cas77v) HONG KONG ECONOMIC JOURNAL  -- Anticipation of an earlier-than-expected interest rate hike after the U.S. Federal Reserve chief's comments is set to speed up correction in Hong Kong's property market, with a forecast of 15 percent fall in residential prices for the first half to come to reality as early as May, according to property agencies.       MING PAO DAILY NEWS  -- Hutchison Whampoa's  0013.HK  retail arm AS Watson is seen to submit an application to the stock exchange as early as Friday for a primary listing in Hong Kong and London, and a secondary listing in Singapore, according to market sources. APPLE DAILY -- China home appliance retailer Gome Electrical Appliances 0493.HK  expects to book in the second quarter the HK$420 million compensation from its founder Wong Kwong-yu and his wife for their misconduct, according to Chief Financial Officer Fang Wei. For Chinese newspapers, see............... PRESS/CN    ($1 = 7.7645 Hong Kong Dollars) (Reporting by Donny Kwok; Editing by Prateek Chatterjee) ((donny.kwok@thomsonreuters.com)(+852 2843 6470)(Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)) Keywords: PRESS DIGEST HONGKONG/