Beijing Enterprises Holdings, the prospective listing vehicle of the Beijing municipal government in Hong Kong, will continue to buy quality assets from its mainland parent, Beijing mayor Jia Qinglin says. Mr Jia told fund managers during their visit to the capital that the Beijing government would fully utilise Beijing Enterprises as its major channel to raise funds for the economic development and construction of the city. The city government would continuously inject quality assets into Beijing Enterprises, which would be the only listed conglomerate of the Beijing government in Hong Kong, he said. The company is seeking to raise more than $1.2 billion through the issue of 150 million shares at between $8 and $9.30 a share in Hong Kong next month. According to a preliminary prospectus, the company would continue to develop along the existing lines of business while expanding into other areas. A number of new projects in infrastructure, hi-tech industry, retail services and tourism were being studied but evaluations of these projects were still at a preliminary stage, the document said. The company planned to use $1.04 billion of the proceeds from the float fund for expansion plans in existing businesses. Of that amount, about $300 million would be used to finance the expansion of the Beijing Jianguo Hotel, $200 million to expand the consumer products sector such as Yanjing Brewery, and another $200 million to expand the Wangfujing Group's retail operations. The company would concentrate on development in Beijing and its surrounds. The international roadshow for the float would start on Tuesday and trading in the shares was expected by the end of May.