PROPERTY investor Burlingame International Company has joined forces with a Chinese school to develop a 400 million yuan (HK$540 million) upmarket school complex, complete with indoor swimming pool and playground, in Beijing. Burlingame - formerly Man Nin Investment - will fund the project through associated company China Treasure Enterprises. Jingshan School will contribute the land. China Treasure is jointly owned with Mr Kan Chik-hong, shareholder and director of Foo Yuen Estate, which is itself controlled by Burlingame. The deal is to be funded from internal resources and outside borrowings. The complex, near the Holiday Inn, Wangfujing Dajie, will also include commercial buildings. Burlingame chairman Tang Sung-kwong said: ''The directors of the company believe that the joint venture will enable the company to participate in property development in the PRC, improve its earnings growth and diversify its sources of income geographically.'' Phase one, with an estimated floor area of 39,750 square metres, is expected to cost about 194 million yuan. Phase two, with a fractionally smaller floor area, is expected to cost 203.4 million yuan. Development is expected to take three to four years. The joint-venture period will extend for 50 years. Profits from sale and lease of the commercial buildings will accrue entirely to China Treasure, which is funding construction of the school, playground and swimming pool. Burlingame's shares rose 1.5 cents to 42.5 cents yesterday.