BRIEF-Papyrus Australia says proposed joint venture in China

March 7 (Reuters) - Papyrus Australia Ltd PPY.AX :

* Proposed joint venture in China PPY.AX

* Says entered into a binding Memorandum Of Agreement with China Investor Group whose representatives are Li Peng and Guan Muye

* Says MOA requires China Investor Group to pay a 50% deposit for patented Papyrus machinery by 31 July 2014

* Source text for Eikon News Search ID:nASX2MVPT2

* ((For more news, please click here PPY.AX ))

((Bangalore Newsroom; +91 80 6749 1130))