Mar 12,  (XFN-ASIA via COMTEX) -- Kerry Properties Ltd and Shangri-la Asia Ltd plan to invest up to 2.2 bln yuan to develop a plot of land they bought for 258 mln yuan in Nanchang in the southeastern Chinese province of Jiangxi, the two companies said in a joint statement.

The plot, with a total site area of 47,700 square meters, will be developed into a project comprising hotels, commercial buildings and high-end apartments.

Kerry Properties will own 80 pct of the project with Shangri-la Asia holding the remaining stake.

Kerry Properties and Shangri-La Asia are both controlled by Kerry Holdings Ltd.
At 10.02 am, shares of Kerry Properties were trading up 2 hkd or 4.25 pct at 49.1 while Shangri-La Asia rose 0.95 hkd or 4.49 pct to 22.1