Beijing's Mentougou district to get $3b finance, trade center

A $3 billion financial and trade complex that includes a seven-star hotel will be built in Beijing's Mentougou district, an executive director at Hong Kong Huatong Investment Holdings Ltd said on Thursday.

"We are bullish on China's strong purchasing power and the complex can be a Beijing landmark," said Ou Donghao after the signing ceremony for the deal at the 17th Beijing-Hong Kong Economic Cooperation Symposium.

Ou said that Prince Bandar, chairman of Huatong Investment and of the Middle East and Gulf Investment Group, negotiated with Mentougou district government for about two years, and the project will begin construction in 2014. The investment for the first phase will be about $1 billion.