Hang Lung Properties, Hong Kong’s fifth-biggest developer by market value, may buy more land in China after spending most of its HK$40bn ($5.16bn) target as land costs fall, Chairman Ronnie Chan said.

'We’ve committed HK$38.3bn, that means we’ve almost finished what we said we would spend,' Chan told reporters in a Hong Kong briefing today. 'We have bought so many sites, so the most important thing is to build them well and fast. But if there are good opportunities, we will definitely buy.'

Hang Lung has said it plans to spend about HK$40bn on 18 Chinese projects in 2005-2009. The mainland contributed 41% of revenue in the full fiscal year, from 15% in the previous 12 months, as declining home sales in Hong Kong boosted China’s share in the company’s profit.