A unit of Chinese property developer Shui On Land Ltd. and two other companies agreed to form a joint venture to develop land in Shanghai's Huangpu District into a mixed-use project, after successfully bidding 13.61 billion yuan for the land.

The joint venture will be 70% owned by China Pacific Life Insurance Co. Ltd., while Shui On's Shui On Development (Holding) Ltd. unit will own a 25% stake, with the rest held by property developer Shanghai Yongye Enterprise (Group) Co. Ltd.

The project will comprise three grade A office towers with a gross floor area of up to 197,100 square meters and a high-end shopping mall with a gross floor area of up to 105,600 square meters. Shui On, which will be the project and asset manager, said the project is also a main component of the company's Taipingqiao master plan development.

The joint venture's board will consist of seven directors, including four China Pacific appointees, two Shui On Development appointees and one Shanghai Yongye appointee, with China Pacific to appoint the chairman.

As of July 5, US$1 was equivalent to 6.64 yuan.