Property agency and chartered surveyor, Brooke Hillier Parker, will launch an investment fund aimed at developing retail, residential and office projects in secondary cities in the mainland. Director David Faulkner said the fund would target institutional investors looking to gain access to the mainland market, where yields could be higher than similar ventures in the United States or Europe. The fund was considering several schemes with a number of developers in mind, he said. It would take a majority stake in projects to ensure quality control, he said. 'We would only take a position in a project where we had majority control. We would bring foreign construction managers to oversee the project.' Once completed, the projects would be leased out as a long-term investment. Key cities to be targeted include Shenzhen, Qingdao, Xiamen, Tanjin, Chengdu, Chongqing and Wuhan. 'Cities we are targeting are attracting major international companies which require high-grade rental space,' he said. On the local market, Mr Faulkner said the Government should reconsider its sales target of 85,000 flats. 'The 85,000 units are not a problem,' he said. 'The problem is the way it's being combined with different housing policies.' He said too many flats were being contemplated for sale at a time when the private sector market was soft. 'They will have to adjust their sales programme to meet demand,' he said.