(April 9): New World Development Co., one of Hong Kong’s biggest real estate companies, is accelerating its expansion into areas such as health care and insurance as it targets more business in mainland China.

Chief Executive Officer Adrian Cheng wants non-property services to generate as much as 30% of income in five to seven years, he said in an interview on Bloomberg Television. While he didn’t elaborate, revenues from insurance and other non-property strategic investments made up about 21% of the group’s income for the six months ended December.