NEW World Development Co has won the support of its controlling shareholder Chow Tai Fook Enterprises to offer mortgage finance for the sale of its residential development in Dongguan, Guangdong province. Peter Cheng of New World said Chow Tai Fook would provide up to 70 per cent of the mortgage loan to buyers of flats at Dongguan New World Garden, with a maximum repayment period of seven years. In the present market conditions, banks usually offered a maximum of 50 or 60 per cent of the flat price as mortgages to buyers of mainland residential properties, he said. The mortgage financing on offer would give buyers more choice in their purchases at the Dongguan project, he said. Chow Tai Fook's mortgage undertaking reflected the controlling shareholder's strong support for New World and its mainland property development, he said. Mr Cheng said the Dongguan project, involving the construction of more than 10 million square feet of home, commercial and office space, would cost more than $2 billion.