HONGKONG Bank and Hang Seng Bank have extended the largest single loan ever provided to a property project in China by jointly offering US$100 million for the Shanghai Everbright City project. The loan will be used to finance the initial phases of the development, one of the largest in Shanghai, with an estimated total investment of about $600 million and a total gross floor area of 5.63 million square feet. The project is a joint development between Kerry Holdings, China Everbright Holdings, Cheung Kong Holdings, China Venturetechno International, Top Glory Holdings and Shanghai Yindu Real Estate Development. A RUSH of foreign companies to establish representative offices in Beijing is said to have pushed office rents up 30 per cent to 40 per cent in the past year, according to a report in the state-run China Daily. Rents are expected to rise 10 per cent to 15 per cent this year, and another 20 per cent next year, the paper cited Construction Ministry official Xu Xiaoqing as saying. THE old rumour about Hongkong Land selling off one or more towers at Exchange Square in Central has resurfaced again with the Tin Tin Daily saying CITIC Pacific will team up with Kerry Group to make a $7 billion offer for the entire block of Number Three. HENDERSON Land says it is developing a 25-storey office block on a site at 308 Des Voeux Road West. The proposed building, with a developable area of 150,000 square feet, is scheduled for completion in 1996. ASEAN Sources is said to have pumped $99 million into the acquisition of 360,000 square feet of farmland in an area between Sheung Shui and Fanling. It is expected to invest a total of more than $300 million, including land cost, to develop low-rise residential properties on the land, the Hong Kong Economic Journal quoted property sources as saying. SAFETY Godown revealed plans to invest $300 million in the redevelopment of a warehouse in Kwun Tong into an industrial and trade centre. EMPEROR (China Concept) Investments has signed a contract for the development of a $1 billion entertainment and commercial complex in Shanghai. The commercial complex, called Emperor Star City, is part of the second phase of the major redevelopment programme of the Yu Yuan commercial and tourist area. NEW World Development was said to be co-operating with Shanghai Metro Corp to jointly develop a US$40 million commercial complex above a railway station on the city's first metro railway. The proposed development - one of the first property projects on the Shanghai Metro Line Number One - is located at Han Zhoug Road station. SUN Hung Kai Properties is said to be planning to develop a 419,796 square foot commercial building at Yan An Road in central Shanghai. The proposed commercial complex will provide a total gross floor area of 581,256 sq ft. Sun Hung Kai will have a 94 per cent interest in the project with the balance to be held by the Luwan district government. WHARF (Holdings) is said to be engaged in discussions with Shanghai's Communication University on jointly developing a commercial project at a former university site in the Xuhui district. The site will cover 65,584 square feet. WAN Hin and Co said it was teaming up with Po Lung Kuk to redevelop the combined sites of No 220-22 Henderson Road, Wan Chai, into an office and commercial complex. The two existing four-storey buildings on the site will make way for a commercial complex of more than 20 storeys. FOUNTAIN Set was said to have sold an industrial building in Yuen Long for HK$36 million, an average $600 per sq ft. PRE-SALES of units in Robinson Place, Mid-Levels, and strong recurrent rental income laid the foundation for a modest 14 per cent rise in interim profits at Swire Pacific to $2.05 billion. Another sterling performance by Swire Properties compensated for a lacklustre showing from other Swire group companies, Cathay Pacific Airways and Hong Kong Aircraft Engineering Co. A STEEP rise in property development and steady improvement in rental income boosted Hon Kwok Land Investment's annual net profits by 199 per cent to $475.7 million. Turnover for the year ended March 31 rose by 148 per cent to $1.03 billion from $418.5 million. The group said it has pre-sold most of its five wholly owned development projects in Hong Kong over the year, including an office building in Pennington Street, Causeway Bay, 71 residential units in Hau Wo Street, Kennedy Town, and a site in Yan Ping Road, Causeway Bay.