BUSINESSMAN Serge Pun has shed light on ambitious plans for China's first floodlit golf course. At a cost of more than $500 million, the 27-hole Gary Player-designed Sand River Golf Club in Shenzhen is scheduled to open for play in early 1995. The club is among six new private courses currently under construction in Guangdong Province and the innovative move to introduce night golf on nine of the holes is sure to place Sand River in the limelight. ''We have something unique,'' said Pun, chairman of SPA International, the parent company of Serge Pun and Associates (HK) Ltd. Other partners in the joint venture project are Hongkong businessman Frank Tang and Shenzhen Jewellery City Enterprise Co Ltd. Pun said a syndication has been formed among his company's clients for the required equity. SPA International will underwrite the bulk of the syndication. Pun said floodlights at the course will stay on until after 11pm, allowing members to complete a round after work and ''be home by midnight''. Stretching over 380 acres along Shenzhen Bay, 80 per cent of the development will be built on reclaimed land. As well as night golf, Pun said the addition of a Gary Player Golf Academy and the club's proximity to Hongkong were all positive selling points for Sand River, which is aiming to enrol 1,500 members over the next few years. He said: ''Given the growing popularity (of golf), demand is surging in Hongkong and Guangdong Province for this sport and related resort facilities.'' The Sand River club is less than half-an-hour's drive from Huang Kun, Shenzhen's latest border crossing adjacent to Lok Ma Chau. Pun said a private transit lounge with car parks will be built near the crossing. Hongkong members will be able to drive to the transit area from where club shuttles will take them to the course. Initially the club is accepting 200 Charter memberships on an invitation basis. Individual membership costs $388,000 and corporate membership costs $788,000.