China Resources Enterprises (CRE) chairman Zhu Youlan , says asset injections from its parent company will be done 'step by step'. Ms Zhu, also general manager of parent China Resources Holdings (CRH), reaffirmed group strategy to expand the listed arm through asset injections, but said it would be done progressively. She said CRE expected a further asset injection in the second half of this year and said it also was considering replenishing its Hong Kong land bank. CRH had acquired 24 per cent of Cosmos Machinery Enterprises to enhance co-operation between the two. 'The acquisition changed co-operation between CRH and Cosmos from one point of contact - Welltec Industrial Equipment - to many more,' Ms Zhu said. She declined to say whether CRH planned to further increase its stake in Cosmos or inject other industrial assets into the company. Following news of CRE's purchase of the stake, the price of Cosmos shares rocketed 50 per cent on Monday. The stock stabilised yesterday to close at HK$1.93, down three cents. CRH will appoint two directors to the board of Cosmos. One of the new directors, China Resources Machinery chairman Wang Junqing, said his company in future would bid for mainland machinery supply contracts in conjunction with Cosmos. He said CR Machinery recently won an US$80 million deal to supply cement vehicles for the Three Gorges dam project. Last year, its turnover was US$200 million. CRH has controlling or minority stakes in at least four listed companies including CRE, Ng Fung Hong, Logic International Holdings and Cosmos.