Sun Hung Kai Property (SHKP), a major property developer in Hong Kong, has signed a one-billion-US-dollar agreement in developing a landmark project in Shanghai in east China, said Walter Kwok, chairman & chief executive of SHKP on Thursday.

The project, at an estimated cost of HK$8 billion (US$1.02 billion), has an aggregate gross floor area of 4.5 million square feet (418,000 square meters), comprising luxury hotels, top-quality offices, serviced apartments and shopping facilities. It will be developed in phases by 2011, with the first phase scheduled for completion in 2007.

Kwok also said that SHKP will continue its gradual and selective approach to invest in the mainland's property sector, focusing on major cities such as Beijing, Shanghai, Guangzhou and Shenzhen.

SHKP reported that its net profit for the year ended June 30, 2003 was HK$6.58 billion (US$844 million), a decrease of 23 percent compared with the previous year.

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