Property investment company Kong Tai International Holdings Co said it is to trade $70 million worth of new shares for a 10 per cent equity interest and 10 per cent of shareholder and third-party loans in a Dongguan, Guangdong province, residential development. The project - Xin Zhong Yin Garden - is 33.3 per cent owned by the Bank of China Group and the rest by Infinity Development (Holdings). Kong Tai said it would pay for the investment by selling 350 million new shares, representing 9 per cent of the enlarged share capital, at a price of 20 cents per share. The company's stock closed on Tuesday at 20.5 cents per share. Trading was suspended yesterday.