Macao Powerlong Group will invest 20 billion yuan ($2.9 billion) in benchmark commercial complexes, art galleries, and starred hotels in Zhuhai over the next three years, according to an agreement signed with the city government on Dec 14.

To start with, Powerlong Plaza, an 83,694-sq-m (21-acre) commercial complex, will be built at the Technological Innovation Coast of the Zhuhai National Hi-Tech Industrial Development Zone (Tangjiawan) at a cost of 5 billion yuan ($714 million).

Edmund Ho Hau Wah, vice chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC); Zhuhai Mayor Yao Yisheng; Wang Xindong, secretary general of the Liaison Office of the Central People's Government in the Macao SAR; and Xu Jiankang, board chairman of Powerlong Group, attended the signing and complex cornerstone laying ceremonies.

Founded in 1990 in Macao, the commercial real estate developer was listed in Hong Kong in 2009 and now operates more than 100 projects in over 40 domestic cities. It has been recognized as one of China's Top 100 Real Estate Developers for 14 consecutive years and China's Top 10 Most Valuable Commercial Real Estate Brands for eight consecutive years.

Signing ceremony [Photo courtesy Chinanews.com]