Reuters: Financial Services and Real Estate: PRESS DIGEST - Hong Kong - June 6

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PRESS DIGEST - Hong Kong - June 6 Jun 6th 2012, 02:08 HONG KONG, June 6 | Tue Jun 5, 2012 10:08pm EDT HONG KONG, June 6 (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. -- Henderson Land Development chairman Lee Shau-kee said investing in stocks in Hong Kong is more profitable than investing in property, adding home prices in the city were unlikely to rise sharply as land supply is expected to increase. -- Mainland residential land prices fell 14 percent last month from April as developers grew cautious about acquiring sites, given their growing inventories of unsold new homes and the tight credit environment, according to China Index Academy. -- Hong Kong and China Gas managing director Alfred Chan said 70 percent of the HK$10 billion ($1.29 billion) budget for 2011-2013 will be allocated to new energy projects, while the rest will be spent to build utilities such as gas distribution networks. -- Mainland China property developer Country Garden said contract sales in May totalled 3.74 billion yuan ($587.36 million), down 36.6 percent from a year earlier. -- Hong Kong-listed Beijing Capital Land Ltd said contract sales in the first five months amounted to 4.4 billion yuan, up 12 percent from a year earlier. For Chinese newspapers, see............... ($1 = 7.7592 Hong Kong dollars) ($1 = 6.3675 Chinese yuan) (Reporting by Twinnie Siu; Editing by Sunil Nair)

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