Qingdao city's first China-South Korea joint-venture catering service management project was officially signed on July 21, according to the Qingdao Investment Promotion Bureau.

A Qingdao-based investment company and a South Korean company will set up a $12 million joint venture in Qingdao's Chengyang District to feed the catering needs of 100,000 people on a daily basis in the eastern Chinese coastal city and its neighboring areas.

Initiated by the Qingdao Investment Promotion Bureau, the venture will take advantage of the South Korean company's advanced catering management expertise and Qingdao's largest organic vegetable farm to offer nutritious, safe and environmental-friendly meals to domestic and foreign enterprises, schools and other organizations in the city and its surrounding areas on the Shandong Peninsula.

The joint venture will be built in three phases. Output is estimated to reach 200 million yuan ($32 million) annually, the bureau said.