CHUANG'S Consortium International Ltd (CCIL) has agreed to buy a 111,645-square-foot commercial property for $1 billion cash. The company and its parent, Uniworld Holdings, intend to hold the property as a long-term investment, according to a joint statement issued by the two groups yesterday. Chuang's plans to finance the deal through internal resources and bank borrowings. The property, London Plaza, at 219 and 219A-B Nathan Road and 97 Austin Road, Kowloon, is a 16-storey entertainment and shopping centre that includes two basement levels and was completed in 1990. It is now 97.25 per cent let and has a rental income of about $56.23 million per annum. When fully let, it is expected to achieve rental of about $56.83 million per annum. ''The directors of Uniworld and CCIL believe that the acquisition represents a good investment opportunity for Uniworld and CCIL,'' said the statement. Chuang's is buying the property by purchasing its owner, Bartica Investment. Chuang's said the price was based on the net tangible assets of Bartica. The deal's completion has tentatively been set for March 28. An initial deposit of $20 million has been paid to the vendor, Gain Capital Holdings, and a further deposit of $180 million should be paid on signing of a formal agreement by February 8. The balance will be paid on completion. Uniworld and CCIL are investment holding companies, whose subsidiaries are engaged in property investment and development, and strategic investment.