Tuesday October 20, 10:07 AM
UPDATE 2-Hang Lung eyes HK$4-5 bln new China property projects
HONG KONG, Oct 20 (Reuters) - Hong Kong-listed developer Hang Lung Properties said on Tuesday it hopes to invest HK$4 billion to HK$5 billion ($516 million to $645 million) in new commercial property projects in China.
Hang Lung had committed 38.3 billion yuan ($5.61 billion) in China projects as of mid-2009, ahead of its target.
'The company has no debt,' Chairman Ronnie Chan told reporters, referring to the company's net cash position. 'And we will add one or two more projects in China by 2010.'
Hang Lung, which has developed two major shopping complexes in downtown Shanghai, set a target in 2003 to acquire land for 18 commercial projects in China by the end of 2009 at a total cost, including development, of HK$40 billion.
Property prices in China have rebounded sharply after a deep downturn since late 2007 and are pushing developers to act more quickly.
Earlier this month, commercial property developer SOHO China (0410.HK - news) said it would pay 4 billion yuan to buy land in Beijing in anticipation of rising valuations.
Hang Lung's shares were up 3.6 percent as of 0759 GMT.
($1=HK$7.749=6.826 yuan)
(Reporting by Joy Leung; Editing by Don Durfee and Jacqueline Wong)
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