Agile says in China resort JV with Morgan Stanley

HONG KONG, July 4 (Reuters) - Chinese property firm, Agile Property (3383.HK: Quote, Profile, Research), will join forces with investment institution Morgan Stanley to develop a large holiday resort project in China's southern province of Hainan with a total investment of 20 billion yuan, or $2.92 billion, Agile said in a statement.

The joint venture company, Crown Goldern Investment Ltd, will be 70 percent owned by Agile and 30 percent by Morgan Stanley, with capital of 5.3 million yuan, Agile said late on Thursday.

The project is located in Sanya city, a 40-minute drive to the Sanya Airport, it added. (Reporting by Alison Leung; Editing by Clarence Fernandez)