KWONG Sang Hong International, Chi Cheung Investment Co and Chinese Estates Holdings have teamed up to bid for the Land Development Corp's (LDC) $4 billion urban renewal project in Wan Chai. The tender closed on Thursday and the LDC received seven bids. The other bidders are all leading developers: Sun Hung Kai Properties, Sino Group, Cheung Kong (Holdings), New World Development, Henderson Land Development and Hysan Development. Kwong Sang Hong deputy managing director Edwin Cheung Hon-kit said his company had a 40 per cent interest in the consortium. It was the first time Kwong Sang Hong had bid for an LDC project. Urban redevelopment projects usually take longer to complete, but Mr Cheung said his company held a long-term view for its investments in Hong Kong. He was optimistic about prospects for both office and residential properties, which could be reflected by the company's strong interest in buying land at recent public auctions. An LDC spokesman said it was satisfied with the 'encouraging' tender response, which reflected the supportive approach by many developers to urban redevelopment activities. The spokesman said the LDC hoped to make a decision on the tender next month. The Wan Chai project site covers 92,786 sq ft, bounded by Queen's Road East, Cross Street and Tai Yuen Street. It could provide a floor area of 887,944 sq ft - 216,098 sq ft of residential space, 552,591 sq ft of office space and 32,152 sq ft of retail space.