Sun Hung Kai Properties and Henderson Land Development and Wharf (all three Hong Kong companies) have formed a joint venture to develop a property project in Chengdu City, Sichuan province, southwestern China.
* Sun Hung Kai, Hong Kong’s largest developer by market capitalization, said in a statement it will hold a 40% stake in the venture.
* Henderson, the fourth biggest developer in the city by market capitalization will hold 30%.
* Wharf, a smaller developer with a heavy interest in ports, will also hold 30% stake.
The three partners will advance RMB4.59 billion ($669.9 million) to the venture to pay for the site and other development costs.
The project, which covers a site of 172,719 square meters. Sun Hung Kai said the project will include apartments, a hotel, offices and retail spaces.