Cheung Kong (Holdings) Ltd and affiliate Hutchison Whampoa Ltd plan to lift total project investment in a joint property venture in Qingdao in East China's Shandong Province to US$336 million.

Braintech, in which both companies have a 45 per cent stake, and Qingdao Xiao Gang Wan Travel Development and Construction Ltd won the land bid for the Qingdao Xiao Gang Wan project for 2.25 billion yuan (US$281.4 million), the companies said in a joint statement yesterday.

The remaining 10 per cent shareholding is held by Billion Merit Ltd. Cheung Kong and Hutchison planned to boost total investment in Braintech from US$118 million to help pay for land costs, construction and other costs for the redevelopment of the land.