(Yicai Global) Oct. 19 -- Beijing-based property company BEH-Property Co. [SHA:600791] and its controlling shareholder, state-owned Beijing Energy Investment Holding Co., will set up a project development company with CNY1.75 billion (USD263.5 million) in registered capital, the listed company said in a press briefing yesterday.

The new firm is part of BEH-Property's plans to expand its position in the local real estate market and develop new properties.

BEH-Property will hold a 51-percent stake in the project company, with Beijing Energy Investment Group taking the remaining 49 percent.

Beijing Energy Investment Holding Co., established in 2004, is a state-owned company under the Beijing municipal government and is mainly engaged in the development of energy projects.