This Artist rendition shows a full-scale replica of the Titanic ocean liner built by Seven Star Energy Investment Group.[Photo/IC]

A full-scale Titanic replica is now under construction and tickets are already on sale, following the project's official launch in Hong Kong on Monday.

The replica, with an investment of nearly 1 billion yuan ($165 million) by China's Seven Star Energy Investment Group, is expected to be completed in 2017.

Unlike the ill-fated cruise liner, its Chinese replica will never grace the Atlantic Ocean; instead, it will be permanently docked at a the Romandisea Seven Star International Cultural Tourism Resort theme park on the River Qi in China's Sichuan province. The theme park will feature other recreation facilities, but the Titanic replica is set to be the highlight attraction. It's one where plans call for visitors to experience a simulation of the liner's fatal disaster in 1912. That aspect of the project is somewhat controversial, with some critics saying that it reflects poor taste and could become sensationalized.

Ticket proceeds from the premiere night and 3% of each ticket sold thereafter will be donated to the Titanic Foundation, which will be used to aid victims of global maritime disasters, investment group officials said.