UPDATE 1-PRESS DIGEST - China - Aug 28

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BEIJING/SHANGHAI, Aug 28 (Reuters) - Chinese newspapers available in Beijing and Shanghai carried the following stories on Thursday. Reuters has not checked the stories and does not vouch for their accuracy.

FINANCIAL NEWS

-- China Construction Bank plans to sell two-year yuan bonds, with an annual coupon rate of 3.24 percent, to retail investors in Hong Kong from Aug 29 to Sept 5.

CHINA DAILY (www.chinadaily.com.cn)

-- China's central government departments and their subordinate units misused or embezzled about 4.52 billion yuan ($661.1 million) last year, the National Audit Office said.

-- China's economy is facing increasing uncertainty for the rest of this year despite steady and rapid growth in the first half, Zhu Zhixin, said vice minister of the National Development and Reform Commission.

-- China is considering a series of fiscal measures to promote tourism, particularly in the less developed inland regions.

PEOPLE'S DAILY

-- Within three years, China plans to restore basic living conditions and the local economy in the regions hit by the May 12 earthquake.

CHINA SECURITIES JOURNAL

-- China expects its tourism industry to have 100 million employees by 2015, up from 60 million at present, according to a report by the National Development and Reform Commission and other government agencies.

SHANGHAI SECURITIES NEWS

-- Shanghai International Airport (600009.SS: Quote, Profile, Research, Stock Buzz) said its net profit in the first half of this year fell 39 percent to 508.5 million yuan ($74.3 million) because of a new fee structure introduced in March at the behest of the aviation regulator.

-- The central bank is holding urgent talks with real estate brokers to establish whether any easing of loan policy towards the property market would cause prices to resume rising. Industry sources say this suggests the central bank's desire to prevent any overheating of the market is unlikely to change.

-- Chengdu Dr. Peng Technology Co (600804.SS: Quote, Profile, Research, Stock Buzz) said it was scrapping its stock incentive plan for employees because it did not conform to recently announced regulatory guidelines. It is the first case of such a plan being scrapped after it had come into effect.  Continued...