August 12, 2015 / 1:50 AM / 2 years ago

PRESS DIGEST- Hong Kong - Aug 12

Aug 12 (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

- Activities such as fish farming and plant cultivation could be permitted in Hong Kong's old factory buildings, after the Planning Department recommended relaxing the definition of "industrial premises". (bit.ly/1gy6By4)

- Brazilian developer Ritz Property is tapping into Asian investors' growing appetite for global investment diversification, offering attractive returns for higher risk as Latin America's biggest economy slips into recession. The Brazilian real has lost 25 percent of its value this year making assets cheaper to acquire, according to Arun Rama, its managing director in Asia. (bit.ly/1IXwLB2)

THE STANDARD

- Actor Anthony Wong Chau-sang and local hip-hop band LMF both have songs included in a list of 120 songs banned by China's Ministry of Culture for vulgar and violent content. No individual or organisation is allowed to provide the songs, which "trumpeted obscenity, violence, crime or harmed social morality," the ministry said in a statement. (bit.ly/1IXxlic)

- A devalued yuan is adding salt to the wounds of the troubled tourism and retail industries, but experts say the full effect will take months to sink in. Mainlanders will find the SAR less attractive as the Hong Kong dollar becomes more expensive, said Terence Chong Tai-leung, executive director of the Chinese University Institute of Global Economics and Finance. (bit.ly/1KgKYK5)

- Beijing Capital Land's contracted sales in the first half surged 79 percent to 12.1 billion yuan ($1.9 billion)from a year earlier. Chief Financial Officer Luo Jun said the firm is confident of meeting its whole-year contracted sales target of 35 billion yuan. (bit.ly/1KgLo3a)

HONG KONG ECONOMIC JOURNAL

- IT Ltd's comparable store sales of its Hong Kong operations fell 0.5 percent for the three months quarter ended May, while gross profit margin of its local business also dropped 2.3 percentage point to 59.1 percent amidst challenging retail conditions, weak consumption appetite and surging operating cost.

- CK Hutchison Holdings' retail arm A.S. Watson, which operates about 12,000 stores globally, plans to open 1,300 new stores this year, mainly in Asia and in mainland China, said deputy chairman Victor Li.

For Chinese newspapers, see............... ($1 = 6.3232 Chinese yuan) (Compiled by Donny Kwok in Hong Kong; Editing by Anand Basu)

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