Qingdao West Coast Development Group Co signed a strategic partnership agreement with Citic Trust Co, a unit of China’s biggest Stated-owned investment company, at Fuxin Hotel in Qingdao, Shandong province on August 28.

With an investment of over 10 billion yuan ($1.6 billion), CITIC will build an International eco-city in Huangdao New District. Equipped with advanced international technology and concepts in the fields of health and beauty management, the project is striving to build Huangdao into a model district combining medical treatment, health care, tourism and recreation.

The two sides will cooperate to establish a joint venture and develop trust business in the future to boost the financial industry in Huangdao.

Citic Trust boasts a registered capital of 1.2 billion yuan ($195.48 million), which includes $23 million in foreign currency.