Taiyuan Chic International Community, a new international commercial and residential complex will be built in Jinyuan district, Taiyuan, according to an agreement signed between the district's government and Chic Group on Sept 5.

The company, based in Milan, Italy, is involved in areas such as trade, finance, fashion, gold and jewelry, and watches. It entered the Chinese market in 2009 and invested in projects in national free trade zones and bonded areas with commercial real estate projects. Its previous investments have been in cities such as Nanjing, Qingdao, Dalian and Xi'an, making it a leader among companies operating in China's free trade zones.

Chic's new project, which will receive investment of about 3 billion yuan ($438.73 million), will cover an area of 9.68 hectares (4.27 hectares for commercial purposes and 5.41 hectares for residential usage) on the east bank of Jinyang Lake.

Taking advantage of Italian and European expertise in the fashion sector, Taiyuan Chic International Community will integrate Italian-style shopping and catering, recreation, and tourism and cultural functions into its five major businesses –– ILParco, a Venice-themed shopping mall, Rinaldi Food, a high-end interactive tourist attraction, and an international hotel. It will also introduce good value, high-quality services to Taiyuan through online and offline platforms.

It is expected to take three years to construct the new complex. Once put into operation in 2022, Taiyuan Chic International Community is expected to create some 2,000 jobs and 800 million yuan in annual turnover, attracting more companies and skilled workers to Jinyuan district and boosting local trade.

In addition, the project will bring local residents a more international style of living and help improve Taiyuan's reputation and influence.