Priceline planning launch in Asia

Priceline.com is planning to launch services in Asia by the end of the year through its Hong Kong-based joint venture. Hutchison-Priceline is a 6-month-old partnership between the Norwalk, Conn.-based company and Hong Kong-based Hutchison Whampoa and Cheung Kong. A Hutchison-Pricline representative said its business in Asia will offer similar reverse auction services to customers through a "demand collection" pricing system, where consumers name the price they are willing to pay for a product or service offered online. If an agreeable merchant can be found, Priceline will purchase the product and charge it to the customer's credit card. "We will adopt the 'name-your-own-price' business model that was successfully introduced by Priceline in the United States and we will adapt it to the local strategy and customer needs, with localized Web sites," the representative said. News.com's Nawaz Marican reported from Singapore.