AFTER aborting a US$4 billion Guangzhou property project, Stelux Holdings has swiftly taken up two property ventures in Beijing at a total cost of HK$6.9 billion. The company, which announced a $5.4 billion low-cost housing project in Beijing last month, yesterday unveiled its second property project in the capital - the $1.5 billion redevelopment of the Beijing Friendship Store. But the two projects were subject to feasibility studies and the signing of formal contracts, to be carried out in three months, although Mr Wong expected site work to begin this year. Executive director Joseph Wong yesterday said the company would not commit itself to new projects until income was generated from the two joint ventures. Stelux would partner Beijing Friendship Commercial Group and China Commercial Real Estate Development Corp, wholly owned by China's Ministry of Commerce, in its latest venture. The project involves building three office towers over a podium and a new Friendship Store on the 17,000 square metre site of the existing Beijing Friendship Store at Jianguo Men Wei Dajie. Adjacent facilities including a food market, recreational facilities and underground parking will be developed, giving a gross floor area of 212,000 sq m. Stelux will have a 93.5 per cent shareholding, with China Commercial Real Estate holding 6.5 per cent. The two shareholdings will be met through capital involvement. Beijing Friendship Commercial Group, a non-equity partner in the project, will provide the site for the redevelopment and will receive 65,000 sq m of floor area for its contribution. Mr Wong said the Stelux share of $1.4 billion would be one-third funded by bank borrowings with the remainder from internal resources, including $60 million which had just been injected from the conversion of 1992 warrants. Mr Wong said that overall, Stelux would need to find only $3.56 billion of the $6.9 billion worth of projects mapped out - $2.16 billion for the residential project and $1.4 billion for the Beijing redevelopment. He said the 108-hectare residential project had been scaled down to $5.4 billion, instead of $8.1 billion as previously suggested, and Stelux and Bangkok Land had increased their share from 37.5 per cent each to 40 per cent each. News of the redevelopment project was accompanied by the announcement of the opening of two City Chain outlets and five Optical 88 shops in Guangzhou, in addition to the existing Optical 88 outlets in Hainan, Shekou and Shantou. Meanwhile, Stelux and Hwa Kay Thai Holdings, both having the Thai-based Wong family as majority shareholder, yesterday reported profit rises of 107.1 per cent and 35 per cent, respectively, for the six months to September. Stelux has reported a near-doubling of half-year profit to $186 million from $89.8 million, largely due to an increased contribution from its Thai sister company Bangkok Land. Mr Wong said Bangkok Land, an associate company of Stelux in which it holds a 10.6 per cent stake, contributed 38 per cent of the company's profit attributable to shareholders. And this was expected to increase substantially in the second half of the year. Turnover was $736.9 million, up 17.5 per cent from $627.3 million for the same period last year. Fully diluted earnings per share were 25 cents. In addition to a 10-cent interim dividend which carries a scrip option, the directors proposed a bonus issue of 1994 warrants on a one-for-five basis. Hwa Kay Thai Holdings has posted a half-year profit of $63.7 million, up 35 per cent from $47.2 million in the previous corresponding period. An extraordinary profit of $55 million from investment disposals lifted profit attributable to shareholders to $118.7 million. This was a 17.1 per cent fall from $143.1 million for the previous corresponding period. Turnover rose a slight 1.7 per cent to $372.6 million from $366.3 million. Earnings per share were 14.8 cents, up from 13.8 cents. The directors recommended an interim dividend of three cents, with a scrip option.