The order of magnitude of corporate development at Sun Hung Kai Properties changed this week. Plans for massive development projects in the New Territories were announced earlier in the year. On Thursday the Hutchison Whampoa consortium won the Tuen Mun River Terminal tendering, which included Sun Hung Kai Properties. Yesterday a consortium led by Sun Hung Kai Properties came through the tendering on the $40 billion Central Station development. The developer is on track to becoming the largest developer of and investor in major property along with infrastructure projects in Hong Kong. This places the Kwok Brothers at Sun Hung Kai Properties head-to-head with Li Ka-shing at Cheung Kong and Hutchison Whampoa in the Hong Kong property developer super-league. Should the momentum of projects be maintained at the group beyond the next three years then the Kwoks will stand as the largest developer of property and infrastructure projects in Hong Kong. The main challengers for this crown are Mr Li, Lee Shau-kee at Henderson Land Development, and Cheng Yu-tung, at New World Development. They, however, have been gradually increasing their investment focus on mainland China as a proportion of total investment planned. To date the Kwoks have merely dipped their toes in the risky mainland investment waters. Mr Li, on the other hand, has major urban commercial complex projects and port interests already developed in China. Mr Cheng has listed New World Infrastructure and has the largest foreign-owned land bank in China. Mr Lee has just listed Henderson China, the largest listed China property development vehicle to-date. In Hong Kong, Mr Li's commitments remain significant with an interest in Container Terminal 9, as have the Kwoks, a major residential development in Tsing Yi, of 4.2 million sq ft, and Hunghom, not to mention the further phases at Kingswood Villas yet to come on amounting to at least 5.7 million sq ft. In Hong Kong Cheung Kong has 14.6 million sq ft of existing gross floor area available to develop with another 12.26 million sq ft under negotiation, according to Credit Lyonnais Asia Securities. At Sun Hung Kai Properties, Credit Lyonnais estimates, there is 21.8 million sq ft of existing gross floor area to develop in the group's land bank with another 14.55 million sq ft under negotiation. This does not include yesterday's central station development. There is also a significant bank of group-owned agricultural land that has yet to be converted to residential use. What the group has, as long as Hong Kong and China remain going concerns, is development profits going out at least 10 years and probably up to 20 years just working out the land bank already on the books. The group has developed strong recurring earnings with 33 per cent of earnings for the year ending June 30, 1996, coming in from rental. Infrastructure is a growing element in group planning, with construction rights won to Route 3 in the new territories. Sun Hung Kai Properties had a 25 per cent share of the winning consortium under a 30-year, $47.3 billion build-operate and transfer deal. The group has a 20 per cent interest in Green Valley landfill and, in telecommunications, it has a 40 per cent interest in SmarTone Mobile. In 1996 The Estimate Directory shows analysts expect 9 per cent profit growth from the company at $11.3 billion and 17 per cent in 1997 at $13.2 billion.