HONG Kong Tycoon Li Ka-shing's Cheung Kong Holdings has signed an agreement to take part in two property projects worth 3.2 billion yuan (HK$2.8 billion) in Beijing. Both developments are part of the Healthy Home residential scheme - similar to the Hong Kong Home Ownership Scheme - and are available to local residents only. The scheme aims to resolve China's acute shortage of adequate housing. ''Because of these two projects, Li Ka-shing has won Beijing leaders' favour. He has become the most popular foreign investor and the biggest foreign property developer in the city,'' said a source at one of the Hong Kong-listed property company. The agreement was signed in the Great Hall of the People on Friday. One of the property projects is a joint development between Cheung Kong Holdings and Beijing Xuanwu District Urban Construction Comprehensive Development. The latter, owned by the district government, is the largest property development company in the district. Located at Fengtai district, a suburb outside Beijing city centre, the complex is for sale to local residents only to ease Xuanwu's housing problem. The first phase will have a total gross floor area of 710,000 square metres on a land site of 500,000 sq m and cost HK$463 million. It will have 42 buildings with more than 10 storeys and 23 buildings with fewer than six storeys. It will also have a shopping centre, market, bus terminal, cultural centre and 10 secondary and primary schools and kindergartens. The construction will be completed within seven years and the development will house 13,000 families with 40,000 members. Another project worth 1.2 billion yuan is located at Changying village in Zhaoyang district. It is being jointly developed with Beijing Yanggaung Real Estates Development. Cheung Kong's second joint venture will create an undisclosed number of low-income housing units in the rundown urban district of Chaoyang, where many crumbling houses date back to the Ming dynasty (1368-1644).