HSIN Chong Construction Group plans to issue US$30 million in convertible guaranteed notes to finance a property project in the Wangfujing area of Beijing, according to a statement.
It also said that Cheung Kong Holdings may join in as a shareholder in the development.
The involvement of Cheung Kong would boost the capital strength of the consortium engaged in the project, which would be conducted on a larger scale.
The Wangfujing project originally was 10 per cent owned by Hsin Chong. Other shareholders include Hysan Development with 26 per cent, Orient Overseas International with 26 per cent, and affiliates of Goldman Sachs LP and BOC China Fund with 19 per cent each.
The initial site area was 10 sq kilometres with a gross floor area of about 65 sq km. Total cost was estimated at $150 million.
Last month, the consortium reached preliminary agreement with Beijing authorities to increase the site area and gross floor area of the project to 57 sq kms and 440 sq kms, respectively.