IN a major fund-raising move, Hainan Island is to set up a property rights centre to help channel foreign and domestic funds into cash-strapped enterprises. When it opens its doors tomorrow, the centre will allow foreign investors to invest in a long list of state, collective and shareholding industrial, commercial and infrastructure enterprises. ''The idea of the centre is to provide yet another route for Chinese enterprises to reform their operations and management,'' said Sun Lijun, the provincial government's vice-secretary. It is the first of its kind set up by a special economic zone, although major cities such as Wuhan, Beijing, Shanghai, Tianjin and Chengdu have had similar operations. Incorporated as a limited company, the centre has 21 members, which may act as broking agents for domestic enterprises seeking foreign funds. Mr Sun said foreign investors could either take an equity stake, buy the land use, management or intellectual property rights, or invest in the fixed assets of these corporations. Investment in the listed shares of companies, however, is forbidden. He said rules setting out the scope, investment forms and the type of property rights which could be transferred were contained in a regulation recently approved by the provincial government. ''The rules are an important step towards the setting up of a modern enterprise system in Hainan,'' said Mr Sun. This fund-raising method for Chinese enterprises was seen as more cost-effective than just sending a delegation overseas with a long list of projects. ''Besides, the centre will be able to provide a more detailed background of the Chinese corporations, making it easier for foreign investors to make up their minds on what to invest in,'' said Mr Sun. Although the exchange will mainly serve the corporations in Hainan, it will also be open to enterprises from other regions keen to tap foreign capital. The Hainan Securities Committee Office's deputy director, Ren Junyun, said plans were afoot to link the exchange with the other centres to provide a more comprehensive and efficient service to its members. To mark the centre's opening, a six-day property rights fair will begin tomorrow in Haikou, the provincial capital. So far, 33 corporations have applied to the centre to find potential investors from China or abroad, 19 of which are shareholding companies. Among the major enterprises seeking funds are Hainan Airport Shareholding Co, Hainan Airlines, Hainan Expressway Shareholding, and Hainan Handicrafts Import and Export Corp. Hainan Airport hopes to raise capital through the sale of 300 million legal-person shares for projects related to two airports, Sanya Fenhuang and Haikou Meilan, it is building. Sanya is scheduled to open in July and Haikou Meilan in 1996. In addition, Hainan Airport is also involved in property, financial and industrial trading activities. Hainan Airlines was set up in 1989 to operate an air cargo business. With a fleet of four 737 Boeing planes, it was restructured in 1992 into a shareholding company. Hainan Expressway, set up last year to operate expressways in the province, has expanded into property and tourism. To fund its expansion, it is prepared to sell 250 million shares to investors. Formerly a branch office of Guangdong Handicrafts, Hainan Handicrafts was responsible for its own results following the restructuring of the external trade system in 1988. The corporation is planning to involve foreign investors in building a holiday resort.