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

Tue Jul 22, 2008 6:51am EDT

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HONG KONG, July 22 (Reuters) - Kerry Properties Ltd (0683.HK) said on Tuesday it will form a joint venture to invest a total of 7.3 billion yuan ($1.07 billion) to develop a hotel and residential project in China's northern province of Hebei.

China

The group, including Kerry, its sister-firm Shangri-La Asia Ltd (0069.HK) and two other companies, has bought a site in Tangshan city for 1.7 billion yuan for the development, it said in a statement. (Reporting by Alison Leung; Editing by Paul Bolding)

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