HANG Lung Development Co will not expand its land bank until the property market has rebounded 10 per cent, says company chairman Ronnie Chan Chichung. Mr Chan said yesterday after attending a forum organised by the American Management Association and the Far Eastern Economic Review the developer would adopt a wait-and-see attitude until there was a clear sign of a price recovery. The company had invested $6.8 billion on property projects between April 1991 and November 1993. He said the firm's property investment arm, Amoy Properties, was already heavily involved in various development projects and would not embark on ventures for the moment. Uncertainty in the industrial property market had prompted the group to convert part of its industrial properties into industrial-commercial buildings, he said.
