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Shanghai Forte Investment Management Co Ltd, the wholly owned subsidiary of the Hong Kong-listed Shanghai Forte Land Co Ltd, said it has agreed to pay 257.76 million yuan (US$33.48 million) for a stake in a property project in Wuhan, Hubei Province.

The Shanghai developer will take 70 percent of the residential project in Wuchang District with an aggregate site area of about 465,321 square meters, Shanghai Forte told the Hong Kong Stock Exchange. Shanghai Yu Yuan Shang Cheng Real Estate Development Co Ltd, the joint developer for the project, will hold the remainder.

Details for the project, with an expected total investment of about seven billion yuan, are not yet determined, the company said. The project will help increase Shanghai Forte's land bank and provide an opportunity to further expand the company's business in Wuhan.