China's Hainan province appointed Fude Group Holdings of Hong Kong to develop a Hello Kitty-branded amusement park that is expected to be worth 11 billion yuan, Mingtiandi reported.

The project planned for the Haitang Bay of the Chinese city of Sanya, to be called Hainan Hello Kitty Paradise, is one of 12 key pilot developments being built in the province, according to the news platform.

The country's State Council held a press conference Dec. 14 to promote the development, the Dec. 17 report added.

As of Dec. 17, US$1 was equivalent to 6.90 Chinese yuan.