Private home completions may double

Hong Kong's private home completions may double to 14,260 units this year after falling to a record low in 2009, the government said yesterday. Last year, 7,160 private homes were completed, the lowest since records were kept, said Tang Ping-kwong, acting deputy commissioner at the Rating and Valuation Department.

Private office completions fell 56 percent in 2009 to 151,000 square meters (1.6 million square feet), a three-year low, it said. They may drop to 122,000 square meters in 2010.

Govt in talks with Beijing to issue RMB bonds

Julia Leung, under secretary of Financial Services and the Treasury, told media yesterday that the government is in talks with Central Government authorities about issuing renminbei government bonds in the city, with a new batch of bonds expected to be issued within a year.

Leung added she hopes the issuance of renminbei government bonds in Hong Kong will be a regular arrangement rather than a one-off event.

Retail sales up 6.6% in January

The city's retail market continued to rebound, as the Census & Statistics Department said yesterday total retail sales value rose to HK$29.3 billion in January, up 6.6 percent over a year earlier. That is despite the high base of comparison due to the timing of the Lunar New Year falling on January last year.

The government said consumer sentiment should stay firm going forward, as the economy is on track to recovery, which will be further supported by the relief measures announced in the 2010-11 budget.

RUSAL shares rise on "buy" rating

United Co RUSAL, the world's largest aluminum producer, rose in Hong Kong trading to the highest in three weeks after at least four analysts initiated coverage with buy recommendations.

RUSAL gained 6.2 percent to close at HK$8.53 in Hong Kong trading, the highest price since February 11. The stock was rated "outperform" by Credit Suisse Group AG and CLSA Asia-Pacific Markets. Bank of America Merrill Lynch and Liberum Capital issued "buy" calls.

Shares of the Moscow-based company are down 21 percent from its January initial public listing price of HK$10.80, after it started trading amid a decline in the benchmark Hang Seng Index and aluminum prices. Prices of the metal may average $1 a pound in 2010, up from 86 cents a pound in the second half of 2009, Credit Suisse said in a note yesterday.

ATV shareholder Tsai sues Cha

ATV's shareholder Tsai Eng-meng has filed a lawsuit in High Court, against another shareholder, Payson Cha.

Tsai said his controlling shareholder's position in ATV is well in compliance with the relevant ordinance regarding a non-resident.

He alleges that Cha repeatedly breached the fiduciary duty of directors on the board, and issued the convertible notes with lower than the HK$ 2.47 per share price, which, he claims, has jeopardized the future of ATV.

Agencies - China Daily

(HK Edition 03/05/2010 page2)