THE territory's property giant Cheung Kong (Holdings) and jewellery distributor Fu Hui Jewellery are stepping up their operations in Fuzhou, with plans to develop a 440,000-square-metre site into a huge housing development scheme.
The proposal followed the two companies' 3.5 billion yuan (about HK$3.14 billion) San Fang Qi Xiang preservation and redevelopment project in Fuzhou city.
Albert Chow, deputy managing director of Cheung Kong, said talks over the huge project were under way.
Mr Chow said he expected to finalise equity distribution among shareholders soon and that phase one of the project would have 100,000 sq metres of developable land area.
The proposed project would be jointly developed by Cheung Kong and Fu Hui, with Fuzhou Industrial and Commercial Bank also expressing interest in the development.
''If the project pushes through, total investment cost for the phase one development will be 150 million yuan,'' said Mr Chow.
The concept of the housing proposal is similar to Hong Kong's Home Ownership Scheme, which offers low-cost units to help solve housing shortages.