Cheung Kong (Holdings) has joined American Express to launch its first credit card, which it says will give buyers more financial flexibility when they make property purchases. Deputy managing director Kam Hing-lam said the American Express Cheung Kong Card would be the first in Hong Kong that allowed buyers to save towards buying a property. Reward points accumulated with the card could be used as part of a down-payment, or to pay approved agency or solicitor's fees, Mr Kam said. Cheung Kong would accept payment by the newly launched card for flats in Tierra Verde development on top of the Tsing Yi Airport Railway station. The development is 20 per cent owned by Cheung Kong, 60 per cent by Hutchison Whampoa and 20 per cent by Citic Pacific. Potential home buyers could apply for cards at the time of registration for Tierra Verde and would enjoy the benefits when they selected their flats. The timing of the card's launch is seen by analysts as part of the marketing campaign for Tierra Verde. They said it was a gimmick to attract buying interest because the price discount was not significant when compared with the property's purchase value. Mr Kam dismissed this suggestion. He said card members would enjoy benefits, including purchase discounts at future Cheung Kong developments. The card also offers members a pre-approved bank line of credit as high as $300,000 for added financial flexibility for property purchases or home-related expenses. Cheung Kong said it had obtained an encouraging response from the sale of its discounted Tierra Verde flats, registering more than 1,700 applicants in the first day. Cheung Kong deputy chairman Victor Li Tzar-kuoi said the first batch of 296 Tierra Verde units was oversubscribed, but declined to say whether the selling price for later batches would be raised. The selling price of the flats averages $4,147 per sq ft.