Kerry Properties Ltd, Allgreen Properties Ltd and Shangri-La Asia Ltd, all controlled by the family of Malaysian tycoon Robert Kuok, will invest 4.52 billion yuan (US$583 million) in a property project in Tianjin, China.
Kerry, a builder, will buy a 49 percent stake in the hotel, office, housing and shopping mall project from luxury hotel operator Shangri-La for 313.1 million yuan, Kerry and Shangri-La said in a statement. Singapore-based Allgreen will buy a 31 percent stake for 198.1 million yuan.
Hong Kong-based Kerry owns office and residential buildings in Hong Kong, Beijing, Shanghai and four other mainland Chinese cities. Hong Kong-based Shangri-La runs 21 hotels in China.