Red chip China Travel International Investment Hong Kong (CTII) is to team up with a prominent local property developer in its bid for a controlling stake in loss-making construction concern Sun Fook Kong Holdings. Executive director Michael Ng Chi-man said that if the bid succeeded Sun Fook Kong would become the group's property development and investment arm, with separate management. The acquisition will mark CTII's first foray into the property development sector. It has interests in tourism and hotels, freight forwarding, theme parks in Shenzhen, a steel plant and infrastructure projects. It had been thought that CTII was planning to inject its own as well as its parents non-core businesses into Sun Fook Kong after the takeover. One possible candidate to partner CTII in the bid is Cheung Kong (Holdings), but its deputy chairman, Victor Li Tzar-kuoi, said it was company policy to announce deals only after they were completed. Trading in the shares of CTII and Sun Fook Kong was suspended yesterday at the request of the Hong Kong stock exchange, which asked CTII to clarify its plans for Sun Fook Kong. Mr Ng said it was likely CTII's parent - China Travel Service (Holdings) HK - would inject its property assets into Sun Fook Kong after the acquisition. Sun Fook Kong would also develop its existing infrastructure business alongside CTII's infrastructure operations. 'There is no conflict of interests as far as I can see,' Mr Ng said, adding that infrastructure was not the core business of either company. He expected the shares to remain suspended for several days while details of the deal were being finalised. Sun Fook Kong shares closed at $1.92 on Wednesday, from 42 cents from a month ago.