DAIRY Farm International will invest A$350 million (about HK$1.94 billion) over the next three years to develop the company's supermarket chain stores in Australia with a view to expanding its market share in the Australian retail market. Dairy Farm's Australian supermarket chain stores are the third largest retail network in the country. The network has a total of 240 stores. Its market share is 14.7 per cent. A spokesman for the chain store said the company planned to increase the number of stores to 300 and expand its market share to 20 per cent before the end of the century. - ECONOMIC JOURNAL SECURITIES analysts say Guangzhou Investment's profit for the 1994 financial year will show a gain of more than 40 per cent. However, the company's principal source of income remains property development and its stock price is not expected to outperform the current market conditions which are putting pressure on property stocks in general. - ECONOMIC JOURNAL A SPOKESMAN for Guangzhou Investment says it will offer Phase 3 of a residential development in San Po Kong for sale on May 14. Registrations will take place from May 5 to 11. Property sources predict that the average price will range from $5,300 to $5,400 per square foot.

- ECONOMIC TIMES A SPOKESMAN for Shanghai Petrochem says there is no need for the company to carry out large-scale maintenance projects in 1994 similar to those which were undertaken last year. This will significantly reduce Shanghai Petrochem's maintenance costs and subsequently lead to an increase in the company's production capacity by 40 days. Its profit is expected to go up by $100 million as a result. According to a market analyst, Shanghai Petrochem paid a higher price for its oil purchases in the 1993 financial year, 42 per cent up compared to 1992. However, the average increase in selling prices for the company's products was only between 12 and 22 per cent, raising doubts among analysts that Shanghai Petrochem is capable of passing the purchase cost increases on to customers. The share price of Shanghai Petrochem closed at $2.125 in trading on Tuesday, up $0.025 on the day. - ECONOMIC JOURNAL WAI Kee Holdings says it expects that its investments in the development of a toll road in Shenzhen and another in Foshan will begin generating profits in the 1994-95 financial year. Certain sections of the two toll roads have already been opened to traffic. Wai Kee expects that when the two toll roads are fully opened, total annual profit will be $50 million. - ECONOMIC JOURNAL WAI Kee Holdings signed a $300 million syndicated bank loan on Tuesday. The company said the money raised would be used to finance investment projects on the mainland, including two toll roads in Guangdong province. Part of the funds will be used as working capital for the company's general operations. - EXPRESS NEWS NEW World Development is considering the development of multi-storey residential properties in Nanjing in co-operation with the authorities there. New World will be required to invest at least 300 million yuan (about HK$266.4 million) in the project. Officials from Nanjing say that demand for multi-storey residential properties is strong. - SING TAO BANKING industry sources say that a $4 billion loan raised by New World Development for redevelopment of a site in Tsuen Wan which houses a dye plant will soon be offered for subscription by banks. New World will co-operate with HKR International on the project. - MING PAO ASIA Standard International has successfully raised $552 million in loans. The money raised will be primarily used for the company's development project at a site in Marble Road, North Point. - SING TAO HENDERSON Land will offer for sale 68 units in Block M of Phase 4 of Sunshine City in Ma On Shan, Sha Tin. Registrations will begin on Friday and last for seven days. Henderson offered 68 units in Block K and another 64 units in Block H and L at the beginning of April. The average price for the units was $6,000 per sq f. - ECONOMIC JOURNAL CHI Cheung bought back 220,000 shares at prices ranging from $3.875 to $3.950 per share on Monday. Chinese Estates repurchased 1.14 million shares at $7.75 to $8.10 each on Monday. It also bought back 320,000 warrants at prices between $4.10 and $4.40. Wheelock and Co repurchased 282,000 shares at prices ranging from $18.30 to $18.50 per share on Monday. Continental Mariner repurchased 70,000 shares at $1.82 each on Monday. - ECONOMIC TIMES KINSTAR Investments Ltd reduced its holdings in Companion by 10 million shares on April 20. Its stake in Companion has been slashed to 36.53 from 40.86 per cent. - ECONOMIC TIMES S G WARBURG recommends investors reduce their holdings in HSBC because of the company's heavy exposure to the troubled bond markets, the continued decline in the French property market, unfavourable interest rate spreads and the negative impact of a change in taxation. Warburg predicts that HSBC will only record a seven per cent growth rate in its profit for the 1994 financial year. - ECONOMIC TIMES CHINA Assets issued a statement on Tuesday clarifying that the sale of Grandbliss will not generate substantial profit for the company. It added that it was unable to explain the surge in its share price recently. - EXPRESS NEWS WHARF Holdings is involved in discussions with parties in Shanghai on the possible development of a major property project. It is understood that Wharf intends to develop a large shopping arcade with an estimated site area of more than 60,000 sq ft. Wharf sent representatives to Shanghai for a site visit last week. Hang Lung Development is also interested in developing luxury residential properties in the city. It is understood that the group also sent representatives for a site visit last week. - SING TAO HSIN Chong Construction says that in view of uncertainty in the property market the company will concentrate on developing government projects, which account for one third of the company's orders. Hsin Chong's orders on hand are estimated to be worth $3 billion. The company says it is not concerned about the correction in the property market because it has substantial government projects in its portfolio. - SING PAO CONSTRUCTION has begun on a large tourism project in Jiangsu in which China Everbright has a major investment. Gross investment is estimated at 300 million yuan (about HK$266.4 million) and China Everbright has an 85 per cent stake. Construction is expected to be completed by the end of 1995. The project, provisionally named 21st Century Theme Park, is modelled on Disneyland. - ORIENTAL DAILY NEWS A SENIOR executive from Nanyang Commercial Bank says the increase in interest rates will have a psychological effect on speculators, forcing them to take a more cautious approach when entering the market. He predicts that residential property prices will undergo a 10 to 20 per cent drop this year. - MING PAO