QINGDAO, in Shandong province, is to get a 46-storey Bank of China (BOC) tower.
The joint-venture high-rise, symbolising the presence of the BOC Hongkong-Macau regional office in the city, involves investment of US$50 million.
Work has started on the 7,500 sq m site in the prime commercial district of east Qingdao, with completion expected in three years.
Qingdao Deputy Mayor Qin Jiahao said yesterday: ''The BOC tower will help boost the economic development of the eastern part of Qingdao, where the building will be located.'' China Development Investment (Hongkong), a diversified investment arm of the BOC group, and Po Sang Bank, a member of the BOC group, will each take a 30 per cent stake in the venture.
Kiu Kwong Investment Corp, a property investment arm under the BOC banner, and Qingdao Yinzhou Property Development Co, a joint-stock company in Qingdao, will equally share the rest.
The 200-metre tower, with a floor area of 80,000 sq m, will house branches of BOC and Po Sang Bank, as well as a shopping mall and entertainment facilities.