PRESS DIGEST - China - Sept 8

BEIJING/SHANGHAI, Sept 8 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Monday. Reuters has not checked the stories and does not vouch for their accuracy.

CHINA SECURITIES JOURNAL

-- Chemicals maker Shandong Haihua Co 000822.SZ said a majority stake currently held by the Weifang city government would be transferred to a subsidiary of China National Offshore Oil Corp (CNOOC).

-- Experts say that although turnover and prices in China's property market have been falling, the property market will not crash, partly because underlying demand is so strong.

SHANGHAI SECURITIES NEWS

-- Because of the tumble of global oil prices, Chinese refiners will stop posting losses, so the government will no longer face as much pressure to raise domestic oil product prices again, analysts say.

-- Shanghai has begun promoting itself as a centre for private equity business, in competition with Beijing and Tianjin.

-- The latest Chinese stock exchange trading data, extending through last Thursday, show mutual funds have generally been continuing to sell off A shares, but insurers have turned to cautious buying of financial stocks, and foreign QFII investors have been actively bargain-hunting for blue chips and companies that are leaders in their industries.

-- Brokerages say a plan by regulators to let large shareholders issue exchangeable bonds convertible into stocks that they own will help to ease supply pressures on the stock market from the expiry of lock-up periods.

-- More than 100 angry property owners, who had previously bought apartments at higher prices, protested at Vanke's (000002.SZ: Quote, Profile, Research, Stock Buzz) offices in Hangzhou as the company sold apartments at lower prices. Vanke said in a statement that it understood the apartment owners' feelings but that as a listed company, it was obliged to act in line with market forces. ($1 = 6.84 yuan)