Developer plans mainland buying spree

HONG KONG: China Properties Group, a medium-sized developer listed in Hong Kong, will follow the lead of foreign firms snapping up land on the mainland.

The company plans to add 5 million sqm of gross floor area to its land bank both this year and next, according to its managing director Wong Sai-chung.

"We are making remarkable headway for the time being," he said. "We recently bought two parcels of land in Chongqing, which took our additional land reserves to 2.6 millionsqm this year."