HONG KONG, Aug 12 (Reuters) - Wanda Commercial Properties  
   0169.HK
    said on Tuesday that it will set up a joint venture valued at HK$12.5 billion ($1.6 billion) with its parent to invest in Australian real estate as part of a strategy to diversify its earnings.     The joint venture will initially invest around HK$2.1 billion in a mixed-use commercial project in Queensland, Wanda Commercial Properties said.      Wanda Commercial Properties will hold a 60 percent stake in the joint venture, said the Hong Kong-listed arm of China's largest commercial developer Dalian Wanda Commercial Properties.     "Such opportunities are in line with the group's strategy of seeking to diversify its sources of income. Therefore, by establishing a joint venture platform through Wanda Australia, the board believes that it will provide a more responsive structure for the group to capture such windows of opportunities as they arise in Australia," Wanda Commercial Properties said.   (Reporting by Clare Jim; Editing by Ryan Woo)  ((clare.jim@thomsonreuters.com; +852 2912 6653; Reuters Messaging: clare.jim.thomsonreuters.com@reuters.net))  Keywords: WANDA COMM PPT AUSTRALIA/JOINTVENTURE