Property developer Asia Securities International plans to remain focused on Hong Kong despite the property-market downturn. But chief executive Dai Xiaoming said the company would continue its mainland expansion. He said the mainland would eventually account for 40 per cent of investment. Mr Dai, speaking after Asia Securities' annual general meeting, said occupancy rates at the company's residential developments were between 80 and 85 per cent. Still, he said the company was holding talks with tenants about rent cuts even though occupancy rates were 'reasonable'. Mr Dai said the company had invested $300 million in a Beijing project acquired in 1996. He said the project would be finished by 2003. Asia Securities, which has $300 million in cash, has a debt-to-asset ratio of 24 per cent, he said.