New World China Land, a unit of New World Development, will invest more than 3 billion yuan to build a commercial and residential project in Changsha, the capital of Hunan province. The deal is concluded between the Hong Kong- listed developer and the government of Yuhua district in Changsha. New World China will also open a large department store on Wuyi Road in Yuhua district late September, said the paper.  Xiang Lili, vice mayor of Changsha, said Hong Kong tycoon Li Ka-shing's Cheung Kong (Holdings) and Hang Lung Properties are considering projects related to the reconstruction of old urban areas in Changsha.