HONG KONG NEWSPAPER HIGHLIGHTS - OCT 30, 2009

Highlights of today's newspapers:

SOUTH CHINA MORNING POST:

- Stung by criticism over the selective floor numbering of his record-breaking luxury residential block in the Mid-Levels, Henderson Land Development (SEHK: 0012) chairman Lee Shau-kee hit back yesterday, insisting: "We have done nothing wrong."

- Red chip China Resources Enterprise (SEHK: 0291) (CRE) is taking over a hypermarket chain and a brewery on the mainland in a HK$4.93 billion deal, increasing its presence in the robust but competitive consumer market.

- A third attempt by the government to introduce United States Chapter 11-style bankruptcy protection in Hong Kong is likely to face opposition from legislators and accountants, who still have doubts about the proposal.

- Slowing loan growth could be a drag on profits at Industrial and Commercial Bank of China (SEHK: 1398) (ICBC) next year, after a lending boom earlier this year helped the world's most valuable bank post a 19 per cent jump in third-quarter profit.

- Air-freight rates have doubled in the past two months because of better than expected demand for consumer goods from the United States in preparation for the Christmas shopping season.

- The Hang Seng Index fell the most in almost a month yesterday as skittish investors cut and ran after the mainland authorities pledged to tighten the taps on personal loans that have seeped into the market.

THE STANDARD:

- Henderson Land (0012) intends to set aside more than HK$10 billion in the near future to increase its land bank by acquiring old buildings in urban areas.

- Guangzhou-based developer Evergrande Real Estate is expected to raise HK$5.65 billion from its initial public offering because of robust demand from retail and institutional buyers.

- Cordial trade talks between top Chinese and US officials were overshadowed yesterday by Beijing's surprise probe into US auto exports, underlining tensions ahead of President Barack Obama's first visit to China.

- Building and engineering firm Metallurgical Corp of China (1618) said it earned a net profit of 1.4 billion yuan (HK$1.58 billion) in the third quarter under Chinese accounting standards.

- Bank of China (3988), the mainland's largest foreign exchange lender, said fast growing lending boosted its third-quarter earnings by 18.83 percent, surpassing expectations.

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