JADELAND Properties, 60 per cent indirectly owned by Lippo Ltd, has entered into a $360 million joint venture with China Travel Service (Holdings) Hong Kong for a mainland property development. Jadeland will take a 37.5 per cent stake in the joint-venture company, China Fair Hong Kong, and China Travel will have the remaining 62.5 per cent interest. China Fair holds a 40 per cent interest in Oriental Light International, which will undertake a property development in Guangzhou. The project includes the development of three adjoining pieces of land into an office, commercial and shopping complex with ancillary facilities. China Fair is to invest about $360 million for its share in the property project over three years. Jadeland is required to invest $135 million for its attributable interest in the development, and funding will be provided in the form of an interest-free shareholders' loan. Accordingly, Lippo will be responsible for about $81 million for its interest in the joint venture. Jadeland is 40 per cent indirectly owned by a subsidiary of China Travel.