A new commercial and residential complex is to be established in Baotou, Inner Mongolia autonomous region, with an agreement signed between the Jiuyuan district government and Zhongdong Group on July 25, reports Baotou Daily.

The project will be located in a core area of Xindushi district, part of Jiuyuan district, a new district still under construction. The district is expected to be the new commercial, economic, and cultural center of the city.

Jiuyuan district and Jilin-based Zhongdong Group sign a cooperation agreement on a commercial and residential complex to be built in the district, July 25. [Photo/Baotou Daily]

Covering an area of 197.25 mu (13.15 hectares), the project will draw investment of around 4 billion yuan ($592 million).

Some 300 brands will be introduced to the commercial and residential complex to provide options for shopping, dining and gathering.

Baotou, the largest industrial city in Inner Mongolia, is one of the most important steel, aluminium and equipment manufacturing bases in China. It is also China’s largest base for the rare earths industry. The city has enjoyed steady economic growth in recent years, with the city’s GDP hitting 386.76 billion yuan in 2016.

Founded in 1984, Zhongdong Group is a collectivized company based in Changchun, Jilin province. The company’s main businesses include commercial property development, financial services and property management. The company has grown into a model private enterprise in China following years of development and progress.

The complex will be established in Xindushi district, part of Jiuyuan district, a new district still under construction, which is expected to be the new commercial, economic, and cultural center of the city. [Photo/Baotou Daily]