Greentown China Holdings Ltd. will jointly develop land in Hangzhou, China, with Wharf Group in a deal valued at 480.5 million yuan.

Greentown China Holdings Ltd. (3900.HK) said Tuesday it will jointly develop land in Hangzhou, China, with Wharf Group in a deal valued at 480.5 million yuan (US$77.3 million).

The property in eastern China will be residential and have a gross floor area of 53,205 square meters. Upon completion, Greentown China and Wharf, which owns 24.29% of the Chinese company, will each own 50% of the developed property.

The Hong Kong-listed Chinese property developer says the project will initially be funded by Greentown China and Wharf, and that the completed apartments will broaden the company's earnings and assets.