HONGKONG businessmen are being urged to buy homes at a new Hawaiian-style luxury housing development in China. According to the developers, Regency Park in Shenzhen will feature an ''exotic and warm tropical Hawaiian resort-like garden atmosphere''. The three-phase project will contain 42 blocks of single villas and 28 apartment blocks along the city's Ying Hu Road, a low-density residential area. The developer, Ying He, launched its sales drive in Hongkong last week. It hoped the first phase of 109 apartments and villas would be completed by the end of this year. The whole project is scheduled to be finished before 1995. Kerry Properties are marketing Regency Park in Hongkong. Ms Semy Ng, the firm's marketing manager, said: ''Shenzhen has a limited supply of luxury residential developments, in particular in the low-density residential zone. ''Pricing has taken into consideration the overall quality and market position of Regency Park.'' Frequent business travellers from Hongkong and those who have factories in Shenzhen are being targeted to buy the units. The new development is 10 minutes from the city centre and close to the emerging Fu Tien central business district, according to Kerry Properties. There will be full clubhouse facilities, including private function rooms, swimming pools, tennis courts, a gymnasium, snooker and table tennis facilities, and a children's playground. The apartments are priced at $1,200 per square foot. The villas are $200 more expensive. Ms Ng said low-rise apartments ranged in size from 1,056 sq ft to 1,764 sq ft. The ground floor units will have a private garden and the top floor versions, a roof garden. Each villa measures 3,171 sq ft. Ying He company is a joint venture between the Kerry, Top Glory and Salim groups.