Chuang's China Investments is branching into technology and Internet businesses on the mainland to capture potential growth and to counter falling earnings from property investments. Deputy chairman Chan Sheung-chiu said the company had started its information-technology business a few months ago and would continue to expand. The plan was unveiled as the company announced a 381.8 per cent surge in the six-month profit to September 30 of $91.49 million, up from $18.99 million. Chuang's China, which makes electronic products and watches and develops property, said the net profit included exceptional gains of $33.79 million from the forfeiture of proceeds received upon expiration of warrants. Earnings per share were 15.3 cents against 3.94 cents last year. Directors declared an interim dividend of one cent. Mr Chan said through its wholly owned subsidiary Chuang's China Culture Net, the company was in negotiation with mainland parties to participate in a Web site providing culture-related news in the mainland. The letter of intent was signed in September and details would be announced early next year, he said. Chuang's recently announced its strategic investment in NetBig.com, which concentrates on providing educational information for mainlanders. Other strategic partners in the Web site include Sino Land and Singapore-based Vertex Technology Fund (II). Chuang's also invested in Internet business in Fujian through the joint venture Fujian Sunshine Education Information. Its other subsidiary Internet Pro offers system integration, e-business solutions and information technology consultancy. Mr Chan said the mainland property market was in a weak state. The company will slow the construction of its mainland projects and is likely to stop further investment unless the market recovers. The company has four projects including ventures in the Guangdong districts of Huizhou and Panyu. It also has a commercial project in Chengdu and one in Fujian. Only 10 to 30 per cent of the construction of those projects had been completed, Mr Chan said.