HONG KONG, May 21 (Reuters) - Hong Kong shares may start the week higher on Monday after two straight 5 percent weekly losses, helped by global leaders calling for Greece to stay in the euro zone, although turnover is expected to be weak. World leaders backed keeping Greece in the euro zone on Saturday and vowed to combat financial turmoil while revitalizing a global economy increasingly threatened by Europe's debt crisis. Hong Kong shares slid 1.3 percent last Friday, inflicting a weekly loss of 5.1 percent as escalating woes in Europe dragged down financial stocks and disappointing U.S. economic data increased risk aversion. The fall in the Hang Seng Index followed a 5.3 percent drop the week before, giving the benchmark its worst two-week period since September. Short selling interest accounted for 12.2 percent of total bourse turnover last Friday. Short selling averaged 11.2 percent last week. Bourse turnover was higher than average on Friday, but was some way off the levels of last year's sell-off. Elsewhere in Asia, Japan's Nikkei was up 0.4 percent and South Korea's KOSPI was up 0.7 percent as of 0054 GMT. FACTORS TO WATCH: * Want Want China Holdings Ltd, one of China's top food and beverage makers and distributors, will spend $400 million this year to secure land in China, its chief financial officer said on Monday. * Despite urging more support for growth-boosting measures in comments published on Sunday, China's premier also reiterated calls for the country to maintain its campaign to cool down its property market, a series of controls on credit and purchases that have begun to drive down housing prices.
* Shares of Chongqing-related companies could come into focus after thirty of China's biggest state-owned businesses signed contracts worth about 350 billion yuan ($55.3 billion) with the southwestern municipality Chongqing, Chinese media reported on Sunday, in a sign of Beijing's determination to bolster confidence in the city formerly run by ousted leader Bo Xilai. * Manulife Financial Corp and Metlife are among the companies that have submitted first round bids for ING's entire Asia life insurance business, sources said on Saturday, in what could be Asia's largest Asia M&A insurance deal. * Yahoo and Alibaba Group, the Chinese Internet group that runs e-commerce site Alibaba.com, are close to an agreement that could happen as soon as Monday, according to a report in All Things D, citing unnamed sources. Yahoo would sell one-half of its 40 percent stake back to Alibaba.
* A 1.2 billion pound ($1.9 billion) bid for the world's largest metals marketplace, the London Metal Exchange, from Hong Kong Exchanges and Clearing Ltd (HKEx) is up against bids from the Chicago Mercantile Exchange (CME) and InterContinental Exchange. * High-end fashion group YGM Trading Ltd, which has agreed to buy struggling luxury clothes maker Aquascutum, said its overall China sales growth in the past two months was lower than the company expected and it aims to expand conservatively in the world's second-largest economy as costs rise. YGM is open to further acquisitions in Europe and may consider listing Aquascutum. * China Unicom (Hong Kong) Ltd , the country's No.2 telecom operator, said on Friday that the number of its mobile subscribers reached 212.75 million in April, up 1.56 percent from a month earlier. * ZTE Corp , the world's No.4 handset vendor and one of two Chinese companies under U.S. scrutiny over security concerns, said one of its mobile phone models sold in the United States contains a vulnerability that researchers say could allow others to control the device. * China's platinum jewellery market has great potential for growth as rising wealth fuels demand for luxury products, a senior official of Hong Kong-based jeweller Luk Fook Holdings (International) Ltd said on Friday. * China Modern Dairy Holdings Ltd said chief executive officer Gao Lina has been appointed as Deputy Chairman of the company effective May 19. For statement click http://www.hkexnews.hk/listedco/listconews/sehk/2012/0520/LTN20120520002.pdf (Reporting by Clement Tan and Donny Kwok; Editing by Richard Pullin)