Shui On Construction and Materials (Socam) will raise its investment in China Central Properties by 25 per cent to as much as HK$975 million before the property firm's plan to seek a listing in London. Socam, controlled by Vincent Lo Hong-shui, earlier indicated that it would spend about HK$780 million to subscribe to shares of China Central. China Central plans to raise about GBP150 million (HK$2.3 billion) from a flotation on the London Stock Exchange's AIM Market before the end of the year. The company, a recent spin-off from Socam that specialises in distressed mainland property projects, has a portfolio of five partially completed commercial and residential projects in Beijing, Chengdu, Dalian and Qingdao. Socam will also subscribe to US$25 million of convertible bonds from China Central, down from US$50 million previously announced, the company said. Highbridge Capital Management, a hedge-fund affiliate of JP Morgan Chase, will buy GBP5 million in shares and US$25 million in convertible bonds issued by China Central, Socam said. Other investors, including US hedge fund Spinnaker Group, CQS, Deutsche Bank, Och-Ziff, Stark and UBS, have committed to invest in China Central through buying shares and convertible bonds. The statement said Socam would have an interest of at least 44 per cent and up to 49 per cent in China Central after completion of the proposed listing. Socam shares closed down 3.28 per cent at HK$22.50 yesterday. Mr Lo unveiled the spin-off plan for China Central last month after announcing that Socam's net profit for the nine months to December was HK$602 million, a 91 per cent jump from HK$315 million for the year to December 2005. The earnings included a HK$804 million gain from the local listing of its 29.3 per cent owned Shui On Land in October.