Hing Kong Holdings has sufficient land bank for development until 2001 but will continue to buy land if the price is right, according to deputy managing director Albert Chow Nin-mow. The firm had 400,000 square feet of land in Hong Kong and two million sq ft in Beijing, Mr Chow said. He was speaking after a special general meeting yesterday at which the company obtained approval from shareholders to sell its stake in a Beijing property development to shareholder China Travel Service (Holdings). China Travel Service has a 9.94 per cent stake in Hing Kong. Mr Chow said Hing Kong had no plans to increase its stake in property firm Wah Tak Fung Holdings and the shareholding would remain below 20 per cent. Commenting on the reappearance of speculation in the residential market, he said it had not yet emerged as an obvious trend. 'Speculation is limited to new residential projects,' he said. His comments followed reports that right-of-purchase coupons for Sino Land's new joint-venture development at Olympic Station, Island Harbourview, had changed hands for up to HK$300,000 last Friday. Meanwhile, China Travel Service chairman Zhu Yuening said the travel firm and hotel operator was studying the possibility of buying another quality hotel in Shanghai following its announcement on Sunday that it would pay about US$30 million for a 65 per cent stake in a five-star hotel in Xian. He said the hotel industry looked bleak but tourism had picked up. Average occupancy rates at China Travel Service hotels were up to 90 per cent but room rates were unlikely to rise.