Real estate developer Chuang's China Investments - recently split from its majority shareholder, Uniworld Holdings - is poised to expand its property development and investment activities in the mainland. In a deal ratified last week, Chuang's China bought back a direct controlling interest in itself from Uniworld Holdings in part by selling Uniworld one property for $70 million. Its parent, Chuang's Consortium, also bought back a controlling interest in itself from Uniworld as part of the same deal. The company's managing director, Chan Sheung-chiu, said Chuang's China would realise $20 million from the sale. Mr Chan said he felt there was extensive up-side to the mainland property market as Hong Kong people increasingly moved across the border and as mainland domestic housing demands increased. The company's property developments are concentrated in Guangdong province and in Chengdu in Sichuan province. Mr Chan said Chuang's has a 41-million-square-foot land bank in the mainland. In addition, Mr Chan said the company would also look for infrastructure projects to complement its property developments. Chuang's China had a $122 million cash balance at the end of March, and had no bank borrowings. The company has a 51 per cent interest in Chengdu Chuang's Centre in Chengdu, which is scheduled to be completed by the end of the year. Mr Chan said leasing discussions were almost complete and would give an annual rental income of $20 million.