IN view of the large supply of offices and industrial buildings in Hong Kong over the next few years, Ryoden Development has decided to concentrate on investing in the residential market. But managing director Raymond Hu Liang-ming said the company would slow down its investment activities this year. 'We already have our profits for this year, and we will not be active in committing to new projects.' The company has a land bank of 900,000 square feet in Hong Kong and about three million sq ft in China. He said earnings would come primarily from the sale of local properties. Despite sluggish market sentiments, Mr Hu said the company would not delay sales of its new residential properties. About $450 million is anticipated from the sale of the company's stake in Cypress Garden, in Homantin, which could take place in July. Mr Hu expected a good response for the development, in which the company has a 50 per cent stake and an investment of $150 million, because of its location. 'There are no new developments in that area for sale,' he said. Unit sizes for the 20-storey luxury residential block ranged from 800 to 1,200 sq ft. Mr Hu said prices would average about $8,000 per sq ft and sales from all 54 units would total at least $400 million. The company will also be offering another development - May Court in Aberdeen - for sale later this year. The 25-storey block contains 46 units of about 400 sq ft each, which are expected to be priced at below $4,000 per sq ft. The company reported a 24.5 per cent jump in net profit to $284.2 million last year.