More projects will be injected into the firm as part of a growth strategy Shui On Group plans to inject more property assets, including projects in Chongqing and Hangzhou, into newly formed mainland property flagship Shui On Land. Chairman Vincent Lo Hong-sui said management had decided to include the 10 billion yuan Hualongqiao development in Chongqing. The proposal will now be studied by other Shui On Land shareholders Mr Lo said: 'Shui On Land is our mainland flagship and we hope to grow its business continuously. Besides Hualongqiao, we will continue to acquire more assets.' The Xihutiandi project in Hangzhou could also be injected. Shui On Land's assets are the Rainbow City and Taipingqiao developments in Shanghai. The company will be spun off for a separate listing but Mr Lo said the detailed schedule had yet to be finalised. The company is 41.04 per cent owned by Shui On Group and 20.66 per cent held by Hong Kong-listed Shui On Construction and Materials (Socam). Institutional investors hold 38.3 per cent. Socam yesterday turned a $147.7 million profit for the year to March, against a $44.3 million loss previously. Mr Lo said the comeback was due to robust property development profits and stable cement business returns despite weak construction materials operations. Two venture capital funds majority owned by Socam also began to bear fruit and are expected to bring sizeable returns in coming years. Socam's earnings per share were 55 cents. A final dividend of 27.5 cents per share will be paid. Newly appointed chief executive Frankie Wong said that the company was planning to set up a new venture capital fund of up to $500 million to invest in hi-tech projects. Socam would initially invest $100 million in seed money and pool a further $100 million from other investors, he said. Within a year, it hoped to increase the fund's size to between $300 million and $500 million. Mr Lo said he expected Socam to post encouraging profit growth in the coming year. However, he expected the construction business to remain weak while the mainland cement operation faced strong competition, high coal prices and rising transport costs. Mr Lo said the mainland's cooling measures would force some developers to slow their projects, affecting demand for cement.