Kerry Properties, controlled by the Kuok Group, has teamed with sister companies Shangri-La Asia and Allgreen Properties to develop a multi-purpose project in Nanjing for 1.5 billion yuan (HK$1.7 billion).
The project, which comprises a hotel, offices and shops, will be built in Nanjing's Gulou district.
The companies bought the site in a public land auction for 200 million yuan on Tuesday.
Kerry, which builds upmarket residential and office properties on the mainland and in Hong Kong, owns 45 per cent of the venture, Shangri-La holds 40 per cent and Allgreen 15 per cent.
The acquisition will allow Shangri-La to return to Nanjing after the hotelier ended a management contract with Dingshan Hotel two years ago.
The joint venture also bid for another hotel-commercial-office site in Nanjing's Hexi district.
However, it withdrew and the site was sold to an undisclosed party which mainland media identified as Suning Group, for 429 million yuan.