HONG KONG, Sept 25 | Tue Sep 24, 2013 10:20pm EDT
HONG KONG, Sept 25 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Wednesday. Reuters has not verified these stories and does not vouch for their accuracy.
SOUTH CHINA MORNING POST
-- Alibaba Group would cut the number of partners the firm has and bind them to a three-year share sale ban if Hong Kong regulators accept a controversial management structure that is blocking its potential HK$100 billion ($12.90 billion) initial public offering, a source close to the listing authorities said. (link.reuters.com/nef43v)
-- Chinese state-owned agricultural group Cofco is injecting mainland property assets valued at HK$14.17 billion into its Hong Kong-listed property unit, Hong Kong Parkview Group , in a back-door listing. (link.reuters.com/pef43v)
-- The Chinese Gold & Silver Exchange Society accepted its first overseas member, Swiss firm Finemetal Asia, in its 103-year history as part of its plan to go international. Exchange president Haywood Cheung said he planned to recruit four more overseas members by the end of the first quarter of next year. (link.reuters.com/qef43v)
HONG KONG ECONOMIC JOURNAL
-- Bank of East Asia Ltd has applied for the High Court to declare former chief secretary Rafael Hui bankrupt.
HONG KONG ECONOMIC TIMES
-- The initial public offering of webgame developer Forgame Holdings was oversubscribed 113 times, locking up HK$19.5 billion in margin orders, according to market sources.
THE STANDARD
-- Chief Executive Leung Chun-ying stressed the Hong Kong dollar is the statutory currency according to the Basic Law, in response to a mainland professor's idea of scrapping it and using the yuan. (link.reuters.com/ref43v)
-- Health Secretary Ko Wing-man said the two-can export limit on formula milk could be lifted if measures to be tried next month prove satisfactory. (link.reuters.com/buf43v)
MING PAO DAILY NEWS
-- The Hong Kong government is studying the feasibility to build a large public housing zone in Yuen Long, providing 17,000 units that are equal to the total amount of public housing production in a year.
-- Bank of East Asia Ltd forecasts Hong Kong property prices will have to drop 22 percent in the next three years in order to return to normal affordability levels for ordinary buyers.
TA KUNG PAO
-- Chinese developer Agile Property Holdings Ltd said it has acquired a residential land in Changsha City for 300 million yuan ($49.01 million).
For Chinese newspapers, see............... ($1 = 7.7538 Hong Kong dollars) ($1 = 6.1210 Chinese yuan) (Compiled by Twinnie Siu; Editing by Supriya Kurane)
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