PLAYMATES International Holdings has teamed up with New World Development (China) and Top Form International to develop a major 69-storey property in the heart of Dalian's prime commercial district. The Hong Kong trio have formed a 70/30 joint venture with China's Dalian Supply and Sell Co-op Unite Agency to build a 134,565-square-metre residential, retail and commercial complex, to be called Dalian New World Plaza. Playmates is to take a 17.5 per cent stake in the project. Max Charm Investment, a subsidiary of Top Form, will also take a 17.5 per cent stake. New World Development, which is leading the Hong Kong consortium, is to take a 35 per cent stake. The first phase of the development, due to get underway early next year, will involve an initial investment of 175 million yuan (about HK$235 million at the official rate). The building will comprise 43 floors of offices and 20 floors of flats above six floors of shops. Top Form says it plans to open a department store under the French Printemps name within the retail complex. The project has been scheduled for completion in mid-1997. Playmates managing director Thomas Chan said: ''The Dalian project is another significant milestone in the development of our property portfolio and is a reflection of Playmates' commitment to the long-term strategy of investing in quality properties inprime locations in major cities. ''In choosing New World Development and Top Form as partners, we continue to invest in projects with developers whose experience in the China market is well recognised.'' Shareholders of Playmates International will vote next Wednesday on proposals to spin off its toy-making firm into a separate company and rename the company Playmates Properties Holdings.