CITIC Pacific has partnered with Hainan's Wanning municipal government for the development of 16 square kilometers of land in eastern Hainan into a resort-style town.

The total amount invested by CITIC could top RMB10 billion, with an initial RMB2 billion to come during the first phase of construction.

CITIC will own 80% of the venture, with the remaining 20% owned by the Wunning government.

Located at the Shenzhou peninsula of Wanning, the project will involve the building of hotels and residential properties on four beaches over the next 10 years.