Developer to acquire one million sq metres in four cities Guangzhou R&F Properties will unveil six mainland residential projects involving investment of more than one billion yuan in the next few months. Chairman Li Sze Lim said the acquisitions would add one million square metres of gross floor area to its land bank of 4.75 million sq metres in Guangzhou, Beijing, Tianjin and Shenyang. 'The projects under discussion are mainly in Guangzhou, while some are in Beijing,' Mr Li said. The mainland firm, which listed on the Hong Kong stock exchange in July, also plans to submit a tender for a three billion yuan, 430-metre-high office-hotel tower in Zhujiang New Town in Guangzhou. The project will have a gross floor area of 250,000 to 300,000 sq metres. Mr Li said future investment would be funded by internal resources, adding that the company had raised $2.3 billion through the Hong Kong listing and had $3 billion cash in hand. The company said it was confident about its business outlook as projects worth about four billion yuan would be completed and booked in the second half. 'Already, 83 per cent of the projects have been pre-sold and the profits are already secured,' he said. 'I am confident that the projected full-year net earnings of 1.04 billion yuan will be achieved. 'The overall economic growth of the mainland remains strong. It is expected that demand for properties in various regions should be at least in line with their respective economic growth rate.' In Guangzhou, selling prices of R&F's projects average 6,500 yuan per square metre, while those in Beijing fetch 9,900 yuan per square metre. ' I expect to see a 5 per cent rise in the selling prices in the second half,' he said. Despite the austerity measures, prices went up steadily on the back of real home demand in Guangzhou and Beijing, according to Mr Li. Earlier this week, the company announced a net profit of 646.8 million yuan for the six months to June, compared with 83.69 million for the same period last year. Rental income accounted for only 1 per cent of total revenue, but Mr Li said the company intended to increase its rental property portfolio.