The government of Acheng district – one of the nine districts of Harbin, capital of Heilongjiang province -- recently signed an agreement with Beijing Shengbang Jiye Group to build a urban precinct that will provide elderly-nursing, international education, tourism and cultural services in its jurisdiction.

The project will be located in Liaodian town in Acheng district, and occupy an area of 1.33 million square meters. The total investment of the project will be 5 billion yuan ($724.1 million).

According to the plans, the project will include Tiane Lake, five squares, a music theater, commercial blocks, nursing homes and tourism resorts.

Construction of the project will be divided into five phases, and the first phase will start by the end of this year.

Officials said that when the whole project starts operating, it will provide some 5,000 jobs for locals.