LONDON, Nov 7 (Reuters) - Hong Kong's central banking authority has formed a joint venture with British developer Great Portland Estates GPOR.L to develop a scheme in one of London's most expensive neighbourhoods.

Great Portland will sell properties that form part of Hanover Square, which sits just off London shopping belt Oxford Street in the Mayfair district, to the joint venture fund for 202 million pounds ($325 million).

The company and the Hong Kong Monetary Authority (HKMA) will hold equal shares in the fund, they said on Thursday.

HKMA, which makes investments through a $378 billion fund that backs Hong Kong's currency, has been increasing its overseas property holdings in recent years and is among a number of Asian investors that are choosing to park their cash in London due to the city's safe haven appeal.

Great Portland has planning permission to develop the site into 208,000 square feet of offices, shops, restaurant and homes with a target delivery date of 2018.

The scheme will also sit next to a station on London's 15 billion pound Crossrail east-west train line, which will connect the Canary Wharf financial district in the east to Heathrow airport in the west when it opens in 2018.

Properties within 200 metres of a Crossrail station could see their prices outperform the wider market by five to ten percent, JPMorgan analysts said in September.

Great Portland said the sale will result in a small increase in the group's most recently published net asset value (NAV) per share. In July it reported EPRA NAV per share of 464 pence. ($1 = 0.6219 British pounds)

(Reporting by Brenda Goh; editing by Tom Pfeiffer)

((brenda.goh@thomsonreuters.com)(+44 020 7542 2230)(Reuters Messaging: brenda.goh.thomsonreuters.com@reuters.net))

Keywords: HKMA GREATPORTLAND