CHEUNG Kong (Holdings) and Fu Hui Jewellery plan to invest jointly in the San Fang Qi Xiang preservation and development project, aimed at re-establishing Fuzhou's old city district.
The 3.5 billion yuan (about HK$3.1 billion) project will take seven years to complete and cover more than 440,000 square metres.
It will consist of residential buildings, offices, schools and entertainment facilities, while preserving many exquisite mansions and prized examples of Ming and Qing dynasty architecture.
Cheung Kong deputy managing director Albert Chow said San Fang Qi Xiang was an integrated property project, which would improve the living standards of Fuzhou's people, while preserving the best features of the past.
He said Cheung Kong expected overseas Chinese from Fujian province to invest in their birthplace.
The project's 29 high-rise residential towers and six top-grade office buildings will be accompanied by five large commercial centres, an entertainment complex and a residential clubhouse.