Financial services and investment group Goodwill Investment (Holdings) is considering forming a partnership with a mainland state-owned enterprise to develop China's packaging business. Executive director Heng Hian-mok said the plan would be carried out through its packaging subsidiary Winbox, of which Goodwill holds 74.1 per cent. He said Winbox would be listed in Singapore within a few months, and the proceeds from the issue of new Winbox shares and the sale of old shares would be used to finance its packaging business in China. Mr Heng said one of the possible partners for the joint venture was China National Packaging Corp. 'The whole thing is still at the infant stage,' Mr Heng said. 'We first need to get listing approval from the Singapore Stock Exchange. Then we need to find the right partner.' He said China's macro-economic austerity programme had put many mainland companies in financial difficulty, but the huge and undeveloped China market remained tempting. Winbox is involved in making packaging products for luxury goods and gifts. The proposed joint venture would expand its business into food packaging.