Stocks rise on growth optimism

Hong Kong stocks rose, sending the benchmark index to the highest close in more than a week. The Hang Seng Index gained 0.7 percent to 21,374.79 at the close. The measure has dropped 2.3 percent this quarter, halting three straight quarters of gains. The Hang Seng China Enterprises Index, which tracks the so-called H-shares of Hong Kong-listed mainland companies, rose 1.6 percent to 12,414.20.

Li & Fung Ltd, the biggest supplier to companies including US-based Wal-Mart Stores Inc, climbed 2.1 percent. Esprit Holdings Ltd, which gets more than 80 percent of its revenue from Europe, climbed 4.4 percent. Cosco Pacific Ltd. fell 3.2 percent after reporting full-year net income that missed analyst estimates.

MGM hires banks for $500m IPO

Casino company MGM Mirage has hired five banks for Hong Kong listing of its Macao operations, expected to raise about $500 million, sources with direct knowledge of the situation told Reuters Tuesday.

BNP Paribas, Bank of America-Merrill Lynch, HSBC, JP Morgan and Morgan Stanley have won the mandate for the long-awaited deal, sources said. The banks mentioned either declined to comment or were not immediately available. MGM was not available for a comment. The sources declined to be identified because the details have not been officially announced. The listing is scheduled for the second half of 2010, one source said.

Country Garden net rises 51%

Country Garden Holdings Co, the property developer controlled by China's second-richest woman, said full-year profit rose as record lending in the country fueled home sales and price gains. Net income climbed 51 percent to 2.08 billion yuan ($305 million), or 0.1273 yuan a share, from 1.38 billion yuan, or 0.085 yuan a year earlier, the company said in a Hong Kong exchange filing Tuesday.

Contracted sales rose 32 percent to 23.2 billion yuan last year, exceeding Country Garden's full-year target of 19 billion yuan, the company said. Sales by gross floor area also advanced, by 40 percent, to 4.75 million square meters, it reported.

Agencies - China Daily

(HK Edition 03/31/2010 page2)