Sun Hung Kai Properties may reduce its investment pace on the mainland in the wake of austerity measures introduced by the central government to slow its overheated economy. 'In view of the macroeconomic control measures, the group may slow its new investments on the mainland in the short run,' executive director Michael Wong Yik-kam said in the in-house publication, SHKP Quarterly. He did not elaborate. The mainland housing market has slowed since the central government raised interest rates and tightened bank lending in the fourth quarter last year. Beijing also announced last year measures to restrict property investment by foreigners. That led to a drop in overseas investments in the sector, property consultant DTZ said. Mr Wong said the long-term outlook for the group's mainland investments was positive because of continuous growth momentum. He said leasing was satisfactory for the office component of the Shanghai IFC Phase One, which was expected to be completed next year. Preliminary leasing of the Huai Hai Zhong Road project in Shanghai had started and phase one of Taihu International Community in Wuxi had achieved satisfactory results. Mr Wong said SHKP would be releasing its Hangzhou and Huadu projects in the next 12 months. Meanwhile, mainland developer Shimao Property Holdings has sped up property sales. It said it launched 15 projects and reaped contracted sales in the first half of 4.38 billion yuan (HK$5.01 billion), up 41.7 per cent year on year. Poly (Hong Kong) Investments yesterday said it had revenue of 133 million yuan from the sale of its Shanghai Poly Garden phase one.