Greenland Holding Group Co. Ltd. committed to investing 50 billion yuan as part of a strategic partnership agreement with the government of Guiyang, the capital city of China's Guizhou province, Guandian reported.
The developer pledged 20 billion yuan for the construction of an "education city," 10 billion yuan for the development of an aviation economic district that will house industry fairs and cultural experiences and 10 billion yuan for an 800,000-square-meter redevelopment project.
The remaining 10 billion yuan will be used to build a high-speed rail station.
As of March 31, US$1 was equivalent to 7.08 Chinese yuan.
Emily Lai and Mc Dowell Ramintas contributed to this report.