Press Digest: Hong Kong - Oct 17

Summit Ascent Holdings

17/10/2013 03:37

HONG KONG, Oct 17 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.   SOUTH CHINA MORNING POST  -- Many buyers and exporters at China's Canton Fair say they expect the yuan to strengthen in the next 12 months, threatening to dampen trade sentiment in the world's second-biggest economy. Seven of eight buyers and exporters polled by the South China Morning Post at the mainland's largest trade show in Guangzhou said the yuan would pass 6 against the greenback in the next 12 months, translating into at least an 1.8 percent appreciation. (http://link.reuters.com/kun83v) -- Hong Kong Monetary Authority chief executive Norman Chan Tak-lam said Shanghai's free-trade zone should benefit the real economy and businesses engaged in trade, and not just financial services firms. (http://link.reuters.com/nun83v) -- Sun Hung Kai Properties'  0016.HK  strategy of offering a 70 per cent subsidy on stamp duty seems to have paid off after it sold 20 more flats at its luxury residential project in West Kowloon at a higher price even as property analysts warn home prices could tumble up to 25 percent from their peak by the next year. (http://link.reuters.com/pun83v) THE STANDARD -- FWD Group, controlled by PCCW's  0008.HK  chairman Richard Li Tzar-kai, has convinced Swiss Re  SRENH.VX  to invest up to $425 million to buttress moves to expand the insurer's area of operations. Operating under Li's Pacific Century Group, FWD announced that Swiss Re, the world's second-largest reinsurer, will take a 12.3 percent stake and that can help FWD expand into the pan-Asian market. (http://link.reuters.com/run83v) -- Summit Ascent Holdings  0102.HK , chaired by Lawrence Ho Yau-lun, son of Macau mogul Stanley Ho Hung-sun, will decide on Thursday on a share placement aimed at funding a casino-resort project in Russia. Pricing and terms have yet to be determined for the placement. (http://link.reuters.com/sun83v) MING PAO DAILY NEWS  -- UBS and Bank of America Merrill Lynch see residential property prices in Hong Kong falling 20-25 percent by the end of next year from the current level as the mortgage rate is set to rise and supply of flats is expected to increase. For Chinese newspapers, see............... PRESS/CN  (Reporting by Donny Kwok; Editing by Anupama Dwivedi) ((donny.kwok@thomsonreuters.com)(+852 2843 6470)(Reuters Messaging: donny.kwok.reuters.com@reuters.net)) Keywords: PRESS DIGEST HONGKONG/