Guangxi Wuzhou Zhongheng Group Co Ltd<600252>, a conglomerate engaged in the pharmaceutical manufacturing, real estate development and hotel management, plans to inject RMB 369 million to develop a residential project in Wuzhou, Guangxi.

Covering a floor area of 46,000 square meters and construction area of 222,500 square meters, the project is expected to be completed in 2011. The fund will mainly come from the company's internal sources and bank loans, according to the company's statement filed with the Shanghai Stock Exchange.

The project is expected to boost the company's profit margin and better benefit its shareholders, said the company.

The company's operating revenue in 2008 amounted to RMB 628 million, representing a year-on-year increase of 119.81%. Its net profit surged 28.51% to RMB 47.01 million.

The company targets at RMB 800 million in sales revenue and RMB 100 million in profit this year.