SUN Hung Kai Properties (SHKP) is reportedly reconsidering its position in a consortium to develop a multibillion dollar city centre of more than 1.6 million sq metres in Guangzhou within the next seven years, according to industry sources. Sun Hung Kai was responsible for raising cash through the issue of convertible bonds on behalf of the consortium. According to Asean Resources Holdings, a member of the consortium, Sun Hung Kai has withdrawn from the convertible bond issue. Asean Resources chairman Peter Chan Boon-ho said he did not know the reason for the withdrawal. Mr Chan was speaking to reporters after the company's annual general meeting yesterday. According to sources, the convertible bond issue had been put on hold as Sun Hung Kai was now considering whether or not to remain in the consortium. Meanwhile, Asean Resources has entered into an agreement to buy a 42.6 per cent interest in a development site at Hanoi Road, Tsim Sha Tsui. Shareholders of the company approved a bonus issue of one new share of 10 cents each for every five shares held yesterday. The company also announced that as a result of the bonus issue, the subscription price for shares payable upon the exercise of the 1995 warrants would be adjusted from $3.30 a share to $2.75 effective from today.