CORRECTED - CORRECTED-Agile says in China resort JV with Morgan Stanley

Corrects venture's capitalisation to 5.3 billion yuan, corrects venture's name.

HONG KONG, July 4 (Reuters) - Chinese property firm, Agile Property (3383.HK), will join forces with investment institution Morgan Stanley (MS.N) to develop a large holiday resort project in China's southern province of Hainan with a total investment of 20 billion yuan, or $2.92 billion, Agile said in a statement.

The joint venture company, Crown Golden Investment Ltd, will be 70 percent owned by Agile and 30 percent by Morgan Stanley with capital of 5.3 billion yuan, Agile said late on Thursday.

The project is located in Sanya city, a 40-minute drive to the Sanya Airport, it added. (Reporting by Alison Leung; Editing by Clarence Fernandez)