THREE weeks after announcing its participation in a road project in China, civil engineering and quarrying concern Wai Kee Holdings yesterday said it would help to build another highway costing $692 million in Guangdong province. Through wholly owned subsidiary Wai Kee China Investments, the company plans to set up a joint venture, called Treasure Eagle, with China Fujian Engineering (Hong Kong). Treasure Eagle has signed two conditional agreements with China Shenzhen Highway Development Corp to set up yet another venture - Shenzhen Meiguan Highway - to build and manage the 20-kilometre highway, which will stretch from Meilin to Shenzhen and Guanglan, with an extension reaching the border of Dongguan. Wai Kee China holds a 70 per cent stake in Treasure Eagle which, in turn, has a 30 per cent interest in Shenzhen Meiguan. Construction of the highway has already started and should be completed by the middle of 1995. In the first two years of Shenzhen Meiguan, Treasure Eagle is to collect 80 per cent of the profits, with the rest going to Shenzhen Highway Development. From the third year on, the profits are to be split 70-30, with the larger portion going to Treasure Eagle.