Aug 16 (Reuters) - Ferrowest Ltd FWL.AX :
* Says has identified what would become the first property development project if shareholders approve the proposal
* Says construction of the project is expected to take around 18 months to complete
* Says company will have a controlling interest in the project of more than 51%
* Says further approvals will be required once the detailed design phase is completed
* On 15 June 2015, Ferrowest Limited announced the terms of a proposal by tfa international
* Total cost of the project (including financing) is expected to be around 90.8m yuan or aud$20.0m
* Cost for the controlling interest in the project vehicle company expected to be around 10.6m yuan (+/- 1m yuan) or around aud$2.34m
* Proposal would also see consolidation of capital and all new equity issues to shareholders at the same price of 20 cents per share
* Says certain measures would clear the majority of the company's debts
* Project is a property development project in the city of zigong in Chengdu province in China
* Source text for Eikon ID:nASXb56K00
*