WHARF (Holdings) is pushing ahead with its expansion drive in China by securing a US$67 million property development in Shanghai. The project is its first property venture in Shanghai. Wharf is to invest about HK$209 million for its 40 per cent stake in the development. It said the investment was equal to about 0.6 per cent of the net tangible asset value of the company as at December 31. Wharf chairman Peter Woo Kwong-ching and director Shinichiro Watari are both involved personally in the project. Through their respective investment vehicles, they each own 15 per cent of the development. The two mainland partners are Shanghai Shen Cheng Property Development Co, which owns a 20 per cent stake, and PICC Shanghai Real Estate Development Management Corp, which holds a 10 per cent interest. Wharf said yesterday its subsidiary, Wharf (Jingan), had entered into the agreement for the residential and commercial project in Shanghai. Under the agreement, a joint-venture company will be formed to acquire the land and carry out the project. The project will involve the development of a 16,500 sq metre site in the Jingan district of Puxi in the old international settlement area in central Shanghai. Wharf chief executive Gonzaga Li Wei-jen said: ''The old axiom of 'location, location, location' for property acquisition and development holds true in Shanghai as in other leading cities in the world, and we are delighted to have secured this prime piece of land. ''Development will take place in stages and we are very pleased that approval has been obtained for the sale of these residential and commercial units to overseas Chinese and foreigners.'' Executive director John Hung said the project was part of the company's concept of ''Hongkong Plus Plus'', which charted the economic development of China from southern China to the hinterland. He said the investment should be comfortably accommodated by the group's financial capabilities. The project is expected to be completed in phases by 1995. For its China venture, Wharf has signed letters of intent for a series of infrastructure and property developments in Hubei, Wuhan.