Kerry Properties of Hong Kong has signed an agreement with Beijing Huayuan Property to build a large residential project in Beijing. Kerry will invest Yn1.45bn in the 50-50 project on 242,000 sq metres at Shibalidian in the Chaoyang district of the city. The first phase is expected to be completed by 2005 and the whole project by 2009. The project is part of a Beijing logistics port development that will comprise an exhibition centre, office, hotel and residential space and a golf course, as well as a logistics centre.