FAR East Consortium International is to take a 40 per cent stake in a mainland property joint venture that will require a total investment of about 450 million yuan (about HK$603 million at the official rate). After the company's annual general meeting yesterday, managing director David Chiu Tat-cheong said the development would be in the port city of Dalian, in the northeastern province of Liaoning. While the Municipal Government had in principle approved the residential and commercial development, Mr Chiu said formalities and relevant documents had yet to be finalised. An official go-ahead could be announced next week, he said. Mr Chiu said Far East was hoping to secure a 40 per cent holding in the venture, with the rest being shared by investors from Dalian and Zhuhai. ''The joint venture will have a paid-up capital of 120 million yuan, which will be funded by the three partners, according to the respective share equity in the development,'' Mr Chiu said. The trio would put up the remaining investment from bank borrowings, he added. With a site area of more than 40,000 square feet, a 38-storey office tower will be built on top of a six-storey shopping arcade. Residential blocks will be built on either side of the arcade. The complete development will have a total floor area of about 840,000 square feet.