TAK Sing Alliance Holdings will boost its mainland portfolio by investing about HK$350 million in a residential and commercial complex in Kunming, Yunnan province.
The manufacturing concern, which diversified into property in the past few months, struck the land deal with the Kunming authorities yesterday.
Tak Sing chairman Ma Kai-cheung said that with a land premium of 14.5 million yuan (about HK$19.4 million), the company would develop the land on its own.
The property project covers a potential area of not less than one million sq ft.
With construction work expected to start in the middle of the year, the project will take about three years to complete.
Meanwhile, Mr Ma said the plan to spin off the mainland ventures for a listing in Hongkong was making good progress.