TIANJIN - Construction on a US-invested financial plaza began on Monday in North China's coastal city of Tianjin.
The construction of the plaza is being funded by Tishman Speyer, a US real estate developer, at a cost of about 6 billion yuan ($948 million).
With a total area of 420,000 square meters, the plaza is designed to be a financial complex consisting of office buildings, hotels and relevant facilities, according to Katherine Farley, senior managing director of Tishman Speyer.
The building complex is composed of four towers and will become a local landmark upon its completion, said Farley, noting that the highest tower will be 350 meters tall.
"We are confident and positive about investment prospects in the Yujiapu district, where the plaza is located," said Farley.
Built in the heart of the Tianjin Binhai New Area, the Yujiapu Financial District is expected to become one of the world's largest financial zones over the next 10 years.
More than 300 enterprises have already registered in the district with total registered capital of over 70 billion yuan.
About 120 km southeast of Beijing, the Tianjin Binhai New Area is home to the largest port in north China.