Henderson China Holdings is to announce a large-scale telecommunications project in China within two months, according to deputy chairman Peter Lee Ka-kit. The investment would be related to information-technology service platforms and would involve investors in China and overseas, he said. The project would be unveiled once the mainland's telecommunications market opened for foreign investment after China's accession to the World Trade Organisation, Mr Lee said after his company's annual general meeting yesterday. He refused to disclose the size of the investment but said Henderson China had invested more than 300 million yuan (about HK$281.13 million) in non-property projects in China. Henderson Cyber, the Internet and technology arm of the group, would be invited to participate in the investment, he said. He would not rule out injecting the Lee family's privately run telecommunications projects into the group's listed vehicle. Mr Lee said the family's private company was in negotiations with China Unicom to seek possible co-operation on telecommunications projects in the future. But he did not elaborate further on the issue. On the property front, Mr Lee expected the company's residential-commercial project on top of the Guangzhou Metro Railway Station would be released for sale next month. He believed the company's cash position would be strengthened as the project could generate revenue of up to 2.5 billion yuan. Part of the sales revenue could be booked in the financial year to June 30, 2001, he said. Henderson China would become almost debt-free if the Guangzhou development was sold, Mr Lee added. The project, providing 2.24 million square feet, has seven residential towers on a five-storey podium consisting of a shopping mall and car parking spaces. Mr Lee said the shopping mall also incorporated a technology concept. One floor of retail premises had been leased, he said.