CC Land Holdings chairman Cheung Chung-kiu said he aimed to turn the company into a major property developer in the mainland's western cities after injecting his HK$3.32 billion project in Chongqing into the Hong Kong-listed firm. CC Land - formerly known as Qualipak International, a maker of watch boxes and gift boxes - is developing the 877,500 square metre project in the city's Yubei district. The residential-commercial-hotel project will provide a total gross floor area of 3.4 million square feet. 'The acquisition has made the company one of the major developers in Chongqing,' said Mr Cheung, who announced the asset injection in CC Land last September. Mr Cheung, who indirectly owns 71 per cent of CC Land, said the company was also developing a residential project with a gross floor area of 555,000 sq metres in Chengdu, the capital of Sichuan province. CC Land would mainly focus on Chongqing and Chengdu, two fast-growing cities in the western part of the mainland, Mr Cheung said. He said the company would gradually dispose of its manufacturing and trading businesses, which are worth more than 500 million yuan. The acquisition in Chongqing led to a HK$558 million property revaluation gain last year, driving up the company's profit 14 times to HK$627.9 million. Underlying profit rose 69.6 per cent to HK$69.9 million, while turnover rose 78.6 per cent to HK$794.98 million.