Cheung Kong (Holdings) and its associate Hutchison Whampoa have linked up to acquire two mainland sites - one in Dalian and one in Chongqing - for a total amount of 2.58 billion yuan (HK$3.01 billion). The companies, controlled by Asia's richest man, Li Ka-shing, yesterday bought a 320,000 square metre site in Dalian for 1.27 billion yuan. The site, located at the city's new Wolong Bay International Commerce Zone, can be developed as a residential and commercial property of 400,000 square metres, sources close to the deal said. Another site acquisition in Chongqing was made on November 26. The 130,000 sq metre site in the city's Liangjiang new district was purchased for 1.31 billion yuan. The site, designated for residential use, will have a total gross floor area of 280,000 sq metres when completed, the sources said. The sites are equally owned by Cheung Kong and Hutchison Whampoa, according to sources. The acquisitions will be announced by the two companies today. Cheung Kong and Hutchison have been establishing a large land bank on the mainland. According to Hutchison's 2009 annual report, the company's current attributable land bank (including interests held directly and its share of interests held by joint ventures, associates and jointly controlled entities) is approximately 94 million square feet. Of that, 96 per cent is on the mainland, 3 per cent in Britain and overseas, and 1 per cent in Hong Kong. The land bank comprises 45 projects in 20 cities and is expected to be developed in phases over several years. Cheung Kong and Hutchison have built several projects in Chongqing, including residential and commercial projects Noble Hills and Yangjiashan, which will be completed in 2014 and 2021 respectively. No site under development was listed in Dalian, according to the two companies' interim results announced in August this year.