China Resources Land, the property arm of a mainland conglomerate, plans to acquire a large residential-commercial redevelopment project in Shenzhen from its parent as early as 2011. The project, covering a gross floor area of 2.8 million square metres in Nanshan, is under government redevelopment, according to the listed property unit of state-owned China Resources Holdings. Chairman Song Lin, also the chairman of China Resources Holdings, said the parent had obtained the rights to redevelop the 680,000 sqmetre site from the Shenzhen government. The parent could inject it into CR Land when the first phase was ready for pre-sale, Mr Song said. 'It will not happen next year. I think ... the year after next at the earliest,' he said. The developer yesterday posted a 42.38 per cent jump in net profit to HK$2.03 billion. It proposed a final dividend of 8.3 HK cents, bringing the full-year dividend to 11.7 HK cents, up 19.4 per cent from a year earlier. Turnover jumped 60.77 per cent to HK$9.13 billion. Net profit margin was 22.3 per cent, compared with 25.2 per cent a year earlier. Shares of CR Land rose 3.97 per cent to close at HK$11 before the results announcement. Last year, the company added 4.29 million sqmetres to its land bank, taking the total to 22.32 million sqmetres. The Nanshan mixed-use project would be completed in 10 years, CR Land said. Sixty per cent of the floor area was planned for residential use, with the rest for commercial-hotel-serviced apartments, it said. Mr Song said the parent company also had another large residential project in Nanshan which it would eventually inject into CR Land. The proposed injection would allow CR Land to replenish its land bank at a lower cost, compared with other developers that bought sites at public land auctions, he said. The company said property sales totalled 3.06 billion yuan from January to March 22 this year, compared with 555 million yuan achieved over the same period in the preceding year. In terms of gross floor area, the company has pre-sold 66 per cent of this year's sales target.