Property developer Emperor International Holdings aims to raise HK$2 billion by selling its redeveloped residential units in Mid-Levels in four years. The company, controlled by Albert Yeung Sau-shing, has acquired all the residential units at 5-7 Ying Fai Terrace at Mid-Levels for HK$400 million and 90 per cent ownership of neighbouring 9A-H Seymour Road at HK$400 million. Emperor International property director Donald Cheung Ping-keung said the company would merge the two sites and that the construction cost would be about HK$300 million. The combined site area will be 19,450 square feet which will be developed into 150,000 square feet gross floor area. Mr Cheung said the Mid-Levels development, to be completed in 2010, would be the growth driver for the company which also owns investment properties in Causeway Bay, Wan Chai and Tsuen Wan. Emperor International also hopes to generate HK$360 million in annual rent from its proposed HK$1.5 billion Grade-A office-retail development and future headquarters in Beijing from 2009. Vanessa Fan, managing director of Emperor International, said the group was in the process of spinning off its brokerage subsidiary, Emperor Capital Group, on the main board. Ms Fan declined to indicate the timetable and size of the spin-off. Emperor International posted a 54.3 per cent drop net profit to HK$203.6 million for the six months to September which Mr Cheung attributed to revaluations of the company's investment properties. Turnover dropped 59.6 per cent to HK$200.4 million during the period after the company had sold its non-core furniture trading and restaurants businesses last year. The brokerage business accounted for 43 per cent of the group's sales and 19 per cent of net profit.