Subsidized-homes expected: RTHK

Hong Kong Chief Executive Donald Tsang may announce a subsidized-housing plan in his policy address in October, Radio Television Hong Kong reported on Thursday, citing unidentified people.

No large capital flows seen: HKMA

Hong Kong has not seen any large capital flows in or out of the territory during the current market turmoil, the head of the city's de facto central bank said on Thursday.

The red-hot property market also cooled in July and August, said Norman Chan, chief executive of the Hong Kong Monetary Authority.

More measures on home market will be adopted if needed, he said.

The US Federal Reserve's latest move won't affect Hong Kong bank rates, Chan said after the Federal Reserve announced its "operation twist" after its policy meeting on Wednesday. Hong Kong's currency is pegged to the greenback, and it follows US monetary policy.

BEA CEO to stay on until 2015

Bank of East Asia Chief Executive David Li has extended his contract until March 2015, the lender said on Thursday. Li's contract had been due to expire in March 2012, the bank said in a statement filed with the Hong Kong Stock Exchange.

Swire Pacific eyes separate listing

Swire Pacific Ltd is considering a separate listing of its unit Swire Properties Ltd in Hong Kong, according to a statement to the Hong Kong Stock Exchange on Thursday.

Swire plans to list 17 percent of its stake in the property unit by way of introduction on the main board of the city's bourse, it said.

HSBC seeks to sell Korea branches

HSBC Holdings Plc is seeking to sell its 11 branches in South Korea to exit the country's retail banking business, MoneyToday reported on Thursday, citing people with knowledge of the plan.

HSBC will continue its investment banking and corporate banking businesses, the report said.

Meanwhile, HSBC is trying to sell HSBC Finance Canada, its Canadian consumer finance division, as part of a worldwide sale of assets, the Toronto-based Globe and Mail said.

Offers for the unit are likely to top the C$206 million paid by National Bank of Canda for the HSBC Canada retail brokerage subsidiary.

Sany Heavy to postpone IPO

Sany Heavy Industry Co postponed a plan to sell as much as $3.3 billion of stock amid a global equity rout, according to a person with knowledge of the matter on Thursday.

The company delayed the sale because of market volatility, said the person, who declined to be identified because the matter is private. The Shanghai-listed company initially aimed to price its share sale on September 26 and list on October 3, according to a term sheet sent to investors on September 19.

Sany Heavy joins other companies including China Everbright Bank Co in pushing back stock sales as concerns about the European debt crisis and slowing growth in the US depressed markets globally. Hong Kong's benchmark index is poised for its worst monthly loss in almost three years.

Guangdong women favor city

Eighty percent of 604 polled female professionals in Guangdong province said they plan to shop in Hong Kong during the national day holiday with a budget as high as 8,000 yuan, exceeding their monthly income of 7,000 yuan, according to a survey released by Sun Hung Kai Properties.

Bloomberg - Reuters

(HK Edition 09/23/2011 page2)