Kerry, Shangri-La in $1 billion China property project

Hong Kong-listed Kerry Properties (controlled by the Kuok Group which is the controlling shareholder in the South China Morning Post) said it would invest up to RMB7.3 billion in a hotel and residential project with ancillary commercial use in Hebei province.

Kerry will form a joint venture with its sister company Shangri-La Asia, Singapore’s Jeston Investment and Hong Kong’s Winson Terrace — a private company owned by Kuok brothers.

According to the joint announcement by Kerry and Shangri-La posted on the Hong Kong stock exchange website:

Kerry will hold a 40%
Shangri-La 20%,
Jeston Investment will own 25%
Winson 15%

The four parties of the joint venture received three project sites, one with a 40-year hotel-use land right, one with a 70-year residential use and the other, a 40-year commercial use.
Source: Reuters