Fantasia Holdings Group Co. Ltd., a Chinese property developer, is seeking to issue Taiwan depositary receipts on the main board, the Taiwan Stock Exchange (TWSE) said Wednesday. The stock exchange said Fantasia has submitted an application for the TDR listing and plans to issue 120 million TDRs, each of which will represent two common shares of the company. If the application is approved, Fantasia will the first foreign property developer to list TDRs in Taiwan, the TWSE said. Fantasia, which is headquartered in Shenzhen, Guangdong Province, has been listed on the Hong Kong Stock Exchange since 2009. The property developer said its real estate development activities are largely located in four of the fast-growing economic areas in China -- the Chengdu-Chongqing Economic Zone, the Pearl River Delta region, the Yangtze River Delta region and the Beijing-Tianjin metropolitan region. According to Fantasia's prospectus, it is hoping to raise NT$1.37 billion (US$44.94 million) and plans to use the funds to set up a subsidiary in Taiwan. Fantasia said the subsidiary is expected to invest NT$1.2 billion to develop a vacation resort in offshore Kinmen in cooperation with Taiwan-based Astro Corp. 'The introduction of the Economic Cooperation Framework Agreement (ECFA) will prompt further commercial interaction between the mainland and Taiwan, which we believe will present substantial business opportunities for us,' Fantasia Chairman and Chief Executive Officer Pan Jun said in a statement on the company's website. 'We are actively looking at new opportunities and seeking to expand our business and operations to the next level, effectively utilizing alternative financing channels,' Pan said. Taiwan and China signed the ECFA in late June. It took effect in September. Jihsun Securities has been appointed as the underwriter of the TDR issuance, Fantasia said. 