Sino Land has strengthened its place in the queue of property companies looking for riches from the Internet by forming a strategic partnership with CCT Telecom Holdings. In addition to a share swap, Sino Land and CCT will form a joint venture to oversee the construction of a broadband Internet network in Sino Land's 120 completed buildings in the SAR. 'The alliance is a significant step forward in our plan to keep our products up to date with technological advances,' Sino Land chairman Robert Ng Chee Siong said. CCT is engaged in manufacturing telecommunications products and providing telecom services in the mainland. The company also owns 51 per cent of Internet service-provider HKNet. To counter flattened profit margins in the property market, Sino Land and other developers in Hong Kong appear to be pinning their hopes on diversification into the Internet sector. Sun Hung Kai Properties, Henderson Land Development and New World Development have also moved into the sector this year with investments totalling billions of dollars. Sino Land jumped on the Internet bandwagon on December 2, when wholly owned subsidiary Sino Technology acquired a stake in NetBig.com. The company has not disclosed the size of the stake or its price. Sino Land has also set up a venture-capital company to provide capital for start-up technology businesses as part of its planned $1 billion diversification programme. In its latest move, Sino Land will subscribe to 64.6 million new CCT Telecom shares, or 5 per cent of the company's enlarged capital, at $4.80 a share. CCT will subscribe to 67.41 million new Sino Land shares, or 1.88 per cent of the company's enlarged capital, at $4.60 a share. The joint venture will provide high-speed Internet access to Sino Land buildings and broadband infrastructure to other customers. The Sino Land-CCT link-up was welcomed by analysts, who said it was a good move for both companies. GK Goh Securities analyst Roger Luk said with the alliance, Sino Land would be able to upgrade its properties without needing to pay a huge amount of money. Analysts said CCT's ties to Sino Land would help bolster CCT's customer base. Sino Land yesterday closed unchanged at $4.725. CCT fell to $4.80 from $4.875. Despite Sino Land's diversification efforts, the company would remain focused on the property market and no more than 10 per cent of its net assets of $40 billion would be invested in technology, Mr Ng said. Sino Land might also take a strategic stake in a planned mini-science park in Singapore, owned by the city-state's major developer Far East Organisation, which is controlled by Mr Ng's family.