The permanent venue for the Conference on Overseas Chinese Pioneering and Development in China will be built in the East Lake High-tech Development Zone -- also known as Optics Valley of China -- which is located in Wuhan, capital city of Central China's Hubei province.

That's according to local media reports, which said that a land auction in Wuhan held on Nov 26, a bid by Wuhan Hi-tech Agriculture Group Corporation won with a price of 447 million yuan ($68.44 million).

The construction plans showed that the site will be used to build the permanent venue for the conference.

The venue will function as a business headquarters, conference center, cultural exhibition space and corporate service center.

It will also become an innovation and entrepreneurship center for overseas Chinese people.