CHI Cheung Investment is concentrating on property trading, in the belief that it will generate greater turnover and strengthen recurrent income. Chairman Paul Ng Kwok-cheung yesterday said the fierce competition in the property sector had limited the opportunities for most property firms. ''The current market is very dynamic, with the political factor playing a significant role in deciding the market trend,'' said Mr Ng, who has been in the local property sector since 1970. He was with Mr Li Ka-shing's Cheung Kong (Holdings) for 14 years before joining Mr Lee Ming Tee's Allied Properties (Hongkong) as director in 1985. Since Mr Ng took over Chi Cheung in March 1992, the company has been active in buying properties and re-selling them for quick profits. It has been associated with major developers such as New World Development, Nam Fung Development and the Lippo Group in property ventures. These include the development of a golf course in Danshui, Guangdong, with Hip Hing Construction, a subsidiary of New World Development, and the refurbishing of Chungking Mansions with the Lippo Group. Mr Ng said he owned about 23 per cent of the company. Sun Hung Kai Properties and Goodwill International BVI, a holding company owned by 14 publicly listed companies and individuals, have a combined shareholding of more than 40 per cent. Mr Ng said his ''goodwill'' in the Hongkong property sector and his ''good connections'' with major local developers had helped the company's business. Aided by property trading, its profits rose to $162.6 million in the 11 months to December 1992 from $6.2 million in the 12 months to January 1992. Mr Ng said: ''We choose property trading instead of property development and property investment because our asset base is small and property trading is able to provide the company with swift income to sustain its growth.'' Mr Ng said total investment in the recent purchase of commercial units in Chungking Mansions could reach $230 million. Total cost of the project, which will be turned into 5,574 square metres of gross floor area, will be $680 million. Chi Cheung currently has six joint ventures on the mainland.