Press Digest: Hong Kong - Nov 11

Mingfa (International)

11/11/2013 02:31

HONG KONG, Nov 11 (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  -- China's hedge fund sector has received a shot in the arm with the establishment of a Sino-foreign joint venture between Gottex Fund Management  GFMN.S  and VStone Asset Management, which is likely to open the floodgates for a huge capital inflow into upcoming domestic hedge fund managers. (http://link.reuters.com/tyv54v) -- Baidu  BIDU.O , claiming more than 80 percent of web-page searches in China in September, is contending with aggressive foes in Qihoo 360 and a Tencent-Sogou alliance. Qihoo claimed it commanded a 20 percent market share of web-page searches in October and targeted a 25 percent share by the end of the year. (http://link.reuters.com/baw54v) -- Lenovo  0992.HK  uses Bollywood icon to burnish its credentials in India, tipped to become the third-largest smartphone market by 2017. According to IDC, Lenovo's market share in India stood at 9.3 per cent in the second quarter. (http://link.reuters.com/caw54v) THE STANDARD -- Shanghai has become the latest mainland city to raise the downpayment requirement for buying a second home to 70 percent from 60 percent, following in the footsteps of Beijing and Shenzhen. (http://link.reuters.com/gaw54v) -- Wheelock  0020.HK  and New World  0017.HK  sold the latest batch of 100 units at The Austin residential development on Saturday despite unit prices being raised to an average of HK$29,101 ($3,800) per sellable square foot. One-fifth of the buyers were mainlanders. (http://link.reuters.com/haw54v) -- American Express  AXP.N  sees great potential for the corporate credit card market in Hong Kong. The New York-based company now helps 17 percent of Fortune 500 companies manage their corporate payments, and had seven million corporate cards around the world at end of 2012. (http://link.reuters.com/kaw54v) HONG KONG ECONOMIC JOURNAL  -- The world's largest private equity fund Warburg Pincus WP.UL  may request redemption of HK$1.55 billion of convertible bonds issued by property developer Mingfa Group International 0846.HK , which has been actively in talks with other funds to secure funding, according to market sources. HONG KONG ECONOMIC TIMES  -- China's e-commerce giant Alibaba  IPO-ALIB.N  expects total online transaction volume to hit 30 billion yuan ($4.93 billion)on a single day on Nov. 11 Online Festival in the mainland. Industry experts see the festival helps Alibaba to generate one billion yuan in advertising revenue. For Chinese newspapers, see............... PRESS/CN    ($1 = 7.7516 Hong Kong dollars) ($1 = 6.0905 Chinese yuan) (Reporting by Donny Kwok; Editing by Gopakumar Warrier) ((donny.kwok@thomsonreuters.com)(+852 2843 6470; Reuters Messaging: donny.kwok.reuters.com@reuters.net)) Keywords: PRESS DIGEST HONGKONG/