PRESS DIGEST - Hong Kong - Oct 11

HONG KONG, Oct 11 (Reuters) - These are some of the leading stories in Hong Kong newspapers on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.


-- China could overtake Japan as the second-wealthiest country in the world by household assets in five years on the back of a booming middle class and rapid growth in the number of ultra-high-net-worth individuals, according to a Credit Suisse Group report. China is expected to add $18 trillion in household wealth by 2017, bringing the country's total to $38 trillion. ()

-- Poly Real Estate Group has acquired a commercial-residential block in Shanghai's centre for 4.5 billion yuan ($716.18 million), the highest price for a site in the city this year. ()

-- Chinalco Mining Corp International, a Peruvian copper mining unit of the state-owned Aluminum Corporation of China , may slash its up to $1 billion initial public offering in Hong Kong by more than half as it faces lacklustre demand for new shares amid the global downturn. ()

HONG KONG ECONOMIC JOURNAL -- Property developer China Overseas Land & Investment's

contract sales in September totalled HK$8.63 billion ($1.11 billion), up 30.8 percent from a year earlier, but only a 7.6 percent rise from August.


-- Construction machinery maker Zoomlion Heavy Industry Science and Technology plans to set up an insurance business. The firm will team up with eight other large enterprises to set up the venture in Hunan province, with registered capital of 1.15 billion yuan.

-- A 46-year-old woman who went into septic shock from a superbug infection after blood transfusions at the DR beauty center died on Wednesday.


-- Chinese developer Yuexiu Property Co said it has acquired a plot in Guangzhou, allocated for residential use, for 1.65 billion yuan.


-- China Railway Construction Corp Ltd said its subsidiary had won two railway construction contracts in China worth a total of 5.21 billion yuan.

For Chinese newspapers, see............... ($1 = 6.2833 Chinese yuan) ($1 = 7.7523 Hong Kong dollars)

(Reporting by Twinnie Siu; Editing by Jijo Jacob)

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