Lotte Tour Development Co., one of South Korea’s leading travel agencies, said Wednesday that its subsidiary and China’s largest property developer will spend $1 billion on a joint skyscraper project on the country’s southern resort island of Jeju.

Dongwha Investment & Development Co., a local property developer, and China’s Greenland Holding Group will begin construction on two buildings ― 61 and 63 stories tall, respectively ― from the beginning of 2014, the local travel agency said.

The companies are aiming to complete the buildings, which will be used as hotels and resort condominiums, by the end of 2016.

After the completion, Greenland will take over the management of the resort condominiums, while Dongwha will buy the hotels, Lotte said.

A ceremony for the contract conclusion will be held at the Chinese company’s headquarters in Shanghai later in the day, Lotte said.

The No. 1 Chinese property developer logged 43 trillion won ($40.7 billion) in sales and 4.2 trillion won in net profit in 2012. It also ranked 359th on the 2013 Fortune 500 list based on sales for fiscal 2012 released in July. (Yonhap News)