SHUI On Land Ltd, a Shanghai-based real estate developer, and its partners in a venture will spend more than three billion yuan (US$392 million) on a software park in the northeastern city of Dalian in Liaoning Province.

The venture will pay Yida Group, a local developer, 936 million yuan for a 78 percent stake in the project, Shui On Land said in a statement to the Hong Kong Stock Exchange yesterday. The venture, which includes Yida and Shui On Construction & Materials Ltd, will also pay Yida 2.14 billion yuan for the land and other related costs in the project, Bloomberg News reported.