Shui On Land (HKG:0272) said it entered into a cooperation agreement to form a joint venture to hold and operate a Shanghai property project, according to a Feb. 06 Hong Kong bourse filing.

Shares of the property firm were up more than 1% in Monday morning trade.

Under the agreement, Shui On subsidiaries Shui On GP and Shanghai Shui On will hold a combined 40.5% interest in the joint venture, alongside investors including Manulife and an entity affiliated with China Life Insurance (Group).

The joint venture will acquire a 99% equity interest in the project company, which owns office and retail assets in Shanghai's Huangpu district, the filing said.

The total capital commitment for the joint venture is about 3.3 billion yuan, of which Shui On's commitment amounts to roughly 1.34 billion yuan.