IN BRIEF (Page 2)
Updated: 2010-03-24 07:37
(HK Edition)
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Cheung Kong caps homes per buyer at project
Cheung Kong (Holdings) Ltd, the Hong Kong-based real estate company controlled by billionaire Li Ka-shing, is capping the number of homes for each buyer at a new residential project as the government tries to curb speculation amid concerns of a property market bubble.
Each buyer, either using a personal name or that of a company, can purchase a maximum of two homes at the Festival City project located in the New Territories district, said William Kwok, director of Cheung Kong's real estate arm.
"We found that many speculators are very interested in our project, and we want to protect the self-users," Kwok, referring to those who buy homes for their own use, said in an interview by phone Tuesday. Kwok went on to say that "the Hong Kong property situation is very hot, and we don't want this project to be focused on the speculators."
Stocks close up 0.3%; Lilang gains
Hong Kong shares gave up most of their earlier gains to end up 0.3 percent Tuesday, with export-related issues posting sharp gains on optimism overseas demand will rise as the global economy recovers. The benchmark Hang Seng Index ended at 20,987, easing from a 1 percent gain at midday as some investors took profit on worries Beijing may tighten monetary policy by raising bank reserve ratios on deposits. The China Enterprises Index of top locally listed mainland stocks rose 0.1 percent. Consumer goods exporter Li & Fung rose 4.7 percent and Europe-focused Esprit gained 3.1 percent.
China Lilang Ltd, owner of China's biggest men's clothing brand, rose as much as 7.9 percent to HK$7.50, its highest level since the company raised 953 million yuan ($140 million) in its September initial public offering. Net income last year rose 97 percent to 303 million yuan, Hong Kong-based Lilang said in a statement after the market closed Monday.
Macao March gambling revenue on track for record
Gambling revenue in Macao reached close to HK$13 billion ($1.68 billion) for the first three weeks of March, on track for a monthly record, underscoring sustained growth in the world's largest and fastest-growing gambling market. "According to the average, it's near HK$13 billion," a source with direct knowledge of the situation said Tuesday, adding "in February, it was around this amount."
Stanley Ho's casino flagship SJM Holdings retained the biggest share of the market, at around 30 percent, while Sands China, the Macao unit of Las Vegas Sands, was second with approximately 20 percent, the source said. Macao casino revenue last hit a record in January, when revenue rose 63 percent from a year earlier to 14 billion patacas ($1.80 billion).
Deutsche exec to head StanChart's real estate team
A Deutsche Bank executive will join Standard Chartered to run the real estate investment team, the British lender and a source said Tuesday. Brian Chinappi will be global head of StanChart's real estate investment under the bank's principal finance business, a spokeswoman said. Chinappi was officially still on Deutsche's payroll, said a source on condition of anonymity. Deutsche Bank declined comment.
Agencies - China Daily
(HK Edition 03/24/2010 page2)