Blend the yeast into the warm milk and water mix until smooth (if using dried yeast, follow the packet instructions), cover and set aside for about 20 minutes, or until the suffice of the liquid is frothy. Sift the flour into a large bowl then add the salt and rub in the diced lard.
Once the surface of the yeast mixture is bubbling stir the liquid into the flour mix. Work the liquid into the flour until the dough is firm (add more flour if the mixture is a little tacky). Turn out onto a lightly-floured work surface and knead for about 5 minutes. Form into a ball, return to the bowl then cover with a damp cloth and set aside in a warm place to rise for about 90 minutes, or until the dough has risen enough so that it springs back when pressed.
When ready, divide the dough into eight equal pieces and roll these out on a floured work surface to flat rolls about 12 to 15mm thick. Carefully transfer these baps onto a well-floured baking tray then dust the tops with more flour. Loosely cover with a damp tea towel then leave to rise at room temperature for about 45 minutes, or until doubled in volume.
In the meantime, pre-heat your oven to 200°C and put a large roasting tin of water in the bottom (this will help keep the baps moist). When the baps have risen, remove the cloth then place in the centre of the oven and bake for about 25 minutes, or until well risen and golden brown on top. Transfer to a wire rack to cool before serving. For a wholemeal version, simply replace the white flour with wholemeal flour, or use a 50:50 mix of white and wholemeal flours.