Citic Pacific chairman Larry Yung Chi-kin yesterday tried to boost investor confidence in the red chip, saying it had no immediate plans to raise money from the stock market. Speaking at the topping-out ceremony for Citic Tower in Admiralty, Mr Yung said the company had several billion dollars on hand for future development and a cash-raising proposal was not being considered. Concerns over the possibility of cash calls were raised after the company's $16.25 billion purchase of 20 per cent of China Light & Power Co three months ago. There also has been speculation that the mainland-backed conglomerate could sell part or all of its stake in Hongkong Telecom to lower its debt. Mr Yung said Citic Pacific's gearing stood at 30 per cent after a series of acquisitions. He said asset sales could be one possibility to reduce gearing but he did not elaborate. Citic Tower, a 33-storey Grade A office complex on the Tamar Basin waterfront, is jointly owned by Citic Pacific, China International Trust & Investment Corp Hong Kong (Holdings), Kerry Holdings and the Development Bank of Singapore (DBS). Mr Yung said, 'Design and construction of Citic Tower have progressed very smoothly.' Mr Yung said completion of the tower was expected in August, barely two years from when the land was bought through government tender. The total investment in the project is $5 billion. When complete, the building will provide a lettable office area of 410,000 square feet and a multi-level shopping mall. A major portion of office space in the building will be occupied by the owners, with the balance designated for leasing. Citic said both it and Kerry had reserved space to set up headquarters while DBS would use it as its regional office. Mr Yung said the development had drawn strong interest from financial institutions, multinationals and professional firms since it was launched in November. He said a good market reception for Citic Tower was expected in view of the tight office supply in Central and Admiralty in the short term.