New World Development will team up with its mainland unit New World China Land to develop four projects at an investment cost of HK$5.91 billion. The four projects include one residential project in Beijing and one in Sichuan province's capital, Chengdu. The other two are a residential-commercial project in Changsha in Hunan province and a residential-office-commercial complex in Guiyang, Guizhou province. The Beijing project has been estimated to cost HK$911 million, while the Chengdu and Changsha projects will each cost about HK$1.6 billion. Investment costs at the Guiyang project have been estimated at HK$1.7 billion. New World Development, controlled by Cheng Yu-tung, said the partnership is not an indication that it is expanding investment on the mainland as Hong Kong will remain its focus. A spokesman said the size of the investment for the projects is the main trigger for the joint venture with its mainland unit. New World Development's involvement will reduce New World China's financial commitment, allowing it to hold resources for other investments, he said. 'The investment is huge. If New World China Land develops on its own, it needs to borrow money,' the spokesman said. 'Instead of arranging bank loans, we think joining forces is a better option.' Shares of New World Development yesterday fell 0.15 per cent, or two HK cents, to close at HK$13.62 as some analysts voiced concern over the company's plan to return to the mainland market. The stock has gained 27.89 per cent this year. New World China Land's shares dropped 1.79 per cent to HK$3.30, trimming this year's gain to 0.76 per cent. 'Analysts felt comfortable after we explained that there is no change in our core business strategy,' the New World spokesman said. Eric Yuen, a property analyst at Dao Heng Securities, said New World Development's involvement in the venture is aimed at easing the financial pressure on its mainland property arm.