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Hong Kong-based developer Hang Lung Properties is set to expand its business on the mainland, with chairman Ronnie Chan saying yesterday that the group could soon have up to a dozen projects there.

Chan told reporters on the sideline of a property forum that the company would invest US$4 billion for the expansion. But instead of raising the money from the equity market, "we prefer to use a mix of debt and cash flow when opportunities arise", Chan said.

Hang Lung's projects are spread across major cities such as Shanghai and Tianjin. Though one to two new projects would be announced at the beginning next year, the company has no intention to spin off its mainland business into a real estate investment trust (REIT), Chan said.

The company would be mainly engaged in developing commercial and high-end residential projects because of their high profitability. "Two of our commercial projects in Shanghai contribute HK$1.5 billion in rents a year, with 15 per cent return yield. The result is uplifting," he said.

Talking about the appreciation of the yuan, Chan said it would not raise the costs of the company's business substantially. "The extent of appreciation expected is to be limited... it will not drag down our land acquisition strategy."

Although the company lost its bid in Tuesday's land auction, Chan said he wasn't desperate to replenish the land reverses in Hong Kong. Instead, the company will step up its land acquisition on the mainland.

"The market is full of quality land and has a strong growing potential. We will continue to look for appropriate sites on the mainland."

He suggested Hong Kong developers to widen their visions (and move operations) to the mainland, instead of constraining their development in Hong Kong.

But UBS Global Asset Management Managing Director Franklin Lam is positive about the prospects of the local housing market. Speaking at the forum, he said that stimulants such as salary increase and reversal of the US interest rate would strengthen the purchasing power of property buyers and help the market to pick up steadily.

Chan said the sale of the Ma On Shan plot at Tuesday's auction was a good sign, but the final bid reached quite a high level. Cheung Kong (Holdings) outbidded a host of developers to get the plot for HK$3.24 billion.