Premier Land, a small London-listed property company, is in talks with a Hong Kong investor which could see the group benefit from a cash and property asset injection worth GBP40 million (about HK$480 million). The deal, still thought to be several months away, follows revelations that the same unnamed investor has just acquired a 9 per cent stake in Premier Land. In what is becoming a developing trend, the move is the latest example of a Hong Kong company seeking investment in a London-listed shell company, either as a repository for flight capital ahead of the handover or as a means from which to raise additional finance for investment into the mainland. Last week, it emerged that Premier Land had purchased a prime long-leasehold property in Chester Square, in London's Belgravia from the Hong Kong investor. The square is regarded as highly prestigious and includes property owned by former British Prime Minister Margaret Thatcher and former Lonrho chairman Tiny Rowland. In return for the property, valued at GBP1.75 million, 9 per cent of Premier Land stock was issued. The deal currently under discussion could involve the injection of a mixture of cash and property from China, effectively turning Premier Land into a China property investment vehicle. Premier is capitalised at GBP19.7 million and a property for share swap worth GBP40 million could amount to a total takeover of the company. However it is likely any injection would be a mixture of shares and loan notes. Premier chairman Desmond Bloom said he welcomed the interest from Chinese investors and was prepared to offer board representation to any new investors. He said his intention was to turn Premier into a much larger company and had recently been on the acquisition trail. Last year, Premier acquired the Scottish tourist ski resort of Aviemore for GBP7.5 million and is planning a GBP20 million refurbishment of the site including a 350-square-metre swimming pool and a water sports loch.