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

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.

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)