Working as the deputy managing director of Li Ka-shing's flagship Cheung Kong (Holdings) and a director of Hutchison Whampoa failed to sway Albert Chow Nin-mow from pursuing his goal of having his own property company. To achieve it, he sold more than one million shares he held in Hutchison Whampoa last year to finance the acquisition of Sun Fook Kong Holdings (SFK) in partnership with China Travel Service Holdings Hong Kong (CTS). Mr Li originally had planned to take a 5 per cent stake in SFK, but dropped the plan after the Securities and Futures Commission said he was acting in concert with bidders in making a general offer for SFK. SFK, originally a construction unit under Great Eagle Holdings, was renamed Hing Kong (Holdings) under the new management. Mr Chow, 48, comes from Chaozhou, the home town of Mr Li. He had worked for 23 years in Cheung Kong before leaving early last year. Now the managing director of Hing Kong, Mr Chow rejected claims that his departure from Cheung Kong was related to Mr Li's hand-over of his property empire to his eldest son, Victor. 'My resignation was totally unrelated to that,' he said. 'It is natural and reasonable for a son to inherit his father's business. 'People have different expectations at different ages; I just wanted to have a new experience in life at that time,' he said. Mr Chow said the pressure he faced at Hing Kong was not as great as that which he had experienced in the Li flagship. 'Please do not misinterpret that I am not working hard now,' he joked. 'Every day, I am doing my best.' Hing Kong has accelerated its property acquisition plan by selling shares to CTS for a 30 per cent stake in Tycoon Place in Tai Po and buying a 20 per cent stake in another listed property company, Wah Tak Fung Holdings (WTF), through a share swap. The dramatic downturn in the property market has made the road to success especially rough. Hing Kong reported an interim loss of $263.69 million due to the provision of $238 million to offset the drop in value of its property projects and securities investments in the six months to June. The provision came mainly from a $64 million permanent diminution in the value of its 20 per cent stake in WTF. It is understood the balance of the provision largely was to offset the reduction in value of its stake in Tycoon Place. Mr Chow defended his decision to acquire a stake in Tycoon Place, saying the deal was satisfied through the issue of 108 million Hing Kong shares at $4.75 each to CTS and was advantageous to his company. Hing Kong shares closed at $1.07 on Monday. 'It certainly would have been a loss if we were paying cash to buy the stake in Tycoon Place,' he said. The acquisition of a stake in WTF, the sale of which was a desperate move to dispose of assets to reduce WTF debt, also was done through share swap, he said. 'It is our long-term investment and there is no real loss as long as we are holding the shares,' he said. The provision made to offset the decline in the value of Hing Kong's investments was to satisfy the firm's accounting policy, he said. He said Hing Kong would focus on small to medium-sized property developments in the future. But the rules of the game would differ from those of the market boom years. Developers had to tighten control of costs to increase their profit margins, he said. This meant the materials used for construction would not be as luxurious as in the past, but Mr Chow believed the designs would have to become more sophisticated.