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USI Holdings, a property and apparel firm, plans to develop  four high-end serviced apartment projects in the mainland in the next two years, according to executive director Dennis Au Hing-lun.

The developer has  built two serviced apartment projects in Shanghai and Beijing with its serviced apartment brand name Lanson Place.

The four new  projects are expected to be worth about HK$2.2 billion after completion.

'We will consider having developments  in second-tier cities if  business  is sustainable,' Mr Au said.

Lanson Place Jin Lin Tian Di Residences, its first serviced apartment project in the mainland, is ranked among the top five international-standard long-term stay developments in Shanghai.

Last year, the developer bought a 30 per cent stake in phase four of Hongkong Land's Central Park residential project in  Beijing for HK$195 million. The  building will be turned into serviced apartments under the Lanson Place brand.  The project is scheduled for completion next year.

Apart from the mainland, the company was  also looking for investment opportunities in Hong Kong. Mr Au said USI was interested in the residential site in West Kowloon to be auctioned on June 12.

He  said the company's  main focus was on commercial and retail projects in Hong Kong and serviced apartment and comprehensive development projects on the mainland.

'We are still a small company and seeing many opportunities in the market. The  restructuring of Winsor Properties Holdings could help us to capture growth opportunities and expand,' he said.

In April, the firm offered 2.825 new USI shares for every Winsor share priced at HK$12.80 each. Shares of USI  rose  1.8 per cent to close at  HK$5.09 yesterday  while Winsor's shares stayed at HK$14.



USI plans mainland serviced apartments