CHEUNG Kong Holdings, Sun Hung Kai Properties, New World Development and Guangzhou Investment yesterday signed deals for property and highway projects in Guangzhou. Under a preliminary agreement, Cheung Kong and New World will each take a 35 per cent interest in a Guangzhou housing plan similar to the Hong Kong Home Ownership Scheme. Guangzhou Investment has agreed to take a 20 per cent stake in the project, which is intended to provide affordable housing for local residents. Initial investment is estimated to be $600 million to $700 million. Separately, New World agreed to spearhead the proposed 30-kilometre highway link to the new airport in Guangzhou. New World intends to involve Cheung Kong, Guangdong Investment and Guangzhou Investment in the project, which is expected to cost about 2.1 billion yuan (about HK$2.8 billion at the official rate). Guangzhou Investment earlier signed a preliminary agreement to take a 51 per cent stake in the Guangzhou Cement Plant, but the acquisition price has not yet been finalised. Sun Hung Kai Properties signed a joint-venture agreement for a one billion yuan property development in Guangzhou. Meanwhile, New World director So Ngok said the group would take about 80 per cent of an 800 million yuan airport expansion project in Beihai, Guangxi province.