Tian An Australia Limited entered into a joint venture with Peninsula Gold Coast Development Pty Ltd. The project will consist of 22 townhouses and 63 apartments associated car parking and landscaping and is expected to be completed within two years after the commencement of the joint venture (The Peninsula). The joint venture is an unincorporated joint venture. Tian An Group has certain funding obligations, which will be secured against the property the subject of The Peninsula, subject to FIRB approval. The property the subject of The Peninsula is owned by PGCD is part of the Hope Island Resort, governed by the Integrated Resort Development Act 1987 (Qld) and has existing development approval from the principal body corporate. Tian An Group will initially be required to contribute $3.56m to The Peninsula to fund the establishment costs of The Peninsula, with an obligation to provide a further $6m facility to fund the initial construction costs of The Peninsula until full construction financing is obtained. Tian An Group's initial contribution, and further facility, will be secured against the property the subject of The Peninsula. Tian An Group will be entitled to a preferred equity return and also any interest on any facilities provided.