China Vanke Co, China's largest listed property developer, and China Aviation Industry Corp I (AVIC I), China's biggest aircraft maker, agreed to set up a 1 billion yuan property development venture.

Vanke will own 40 percent of the venture, while a unit of AVIC I will control 60 percent, Vanke said in a statement to the Shenzhen Stock Exchange early Feb..

The venture "will take advantages of the two sides' resources," Vanke said.