Tian An Australia Limited announced that the company entered into a joint venture with LFD Pymble Pty Ltd. for the purpose of developing the property at 2-8 Pymble Avenue, Pymble, New South Wales (Cascade Gardens). The joint venture is an unincorporated joint venture to be managed by LFD, who will hold a 30% participating interest, with TIA holding the remaining 70%. TIA will contribute $25.2 million to the Cascade Gardens. If required, TIA will also provide an additional $10.8 million contribution (by way of a loan) towards LFD's 30% for costs of the property settlement. TIA's loan will accrue interest at 12.0% p.a. until the loan is fully repaid, and is secured by a personal guarantee from the sole director of LFD. The Project Cascade Gardens will consist of 98 apartments, including three residential buildings between three and four stories. Cascade Gardens will include three levels of basement car parking, associated landscaping, publicly accessible open space and public domain works. It will also include one retail shop. The property the subject of Cascade Gardens is currently owned by LFD and is zoned for residential development with an existing DA approval. Project Management LFD has provided TIA with a comprehensive development program. LFD will be responsible for the day-to-day management of the project through an external project manager and development manager, subject to seeking TIA's consent to any material matters relating to the project, such as financing, marketing and construction matters. Any profits from Cascade Gardens are to be paid firstly to TIA, and then to LFD according to the agreed profit share. Whilst LFD is not a related party of TIA, the CEO of TIA is a beneficiary under the trust which holds the land the subject of Cascade Gardens.