Cheung Kong (Holdings) hopes to reap HK$1 billion from the internal sale of space in the first phase of its toy retail complex, Guangzhou International Toys and Gifts Centre, which will start next quarter. Late last year, the developer announced the investment with its associate, Hutchison Whampoa, in the 1.5 billion yuan project. When completed on the 32-hectare site, it will be one of the world's biggest toy and gift centres. Each firm owns a 30 per cent stake in the venture, with the remainder held by mainland-based Guangzhou International Toy Centre. The internal sale of retail space at the newly completed first phase of the development, covering more than 80,000 square metres, was scheduled for the third quarter, Cheung Kong sales manager Kenneth Yuen said. Sales would reach HK$1 billion if all the space was taken up, he said. The toy and gift centre is a major investment by Li Ka-shing's flagship companies in the mainland city. Guangzhou-based newspaper Information Times reported on Monday that Mr Li planned to make more investments in the city, probably involving about US$900 million. However, it did not elaborate. Mr Yuen said the project would be a new platform for toy companies to sell their products and there were hopes that it would push the development of the toy industry in the city and Guangdong province. Guangdong, which includes the cities of Guangzhou, Dongguan, Shenzhen and Zhongshan, is one of the world's key toy manufacturing bases. Last year, the production value of the province's toy industry totalled 80 billion yuan, the Information Times quoted Li Zhuoming, the secretary of the Guangdong Toy Association, as saying.