A design sketch of Liangzhu New Town in Hangzhou, Zhejiang province [Photo/zjol.com.cn]

Cedar Holdings Group, a Guangzhou-based 2017 Fortune 500 company, inked an agreement with Lianghzu New Town of Yuhang district, Hangzhou, Zhejiang province on April 2, to open a digital economy center in the district.

With a total investment of over 15 billion yuan ($2.23 billion), the new facility will concentrate on four main areas – intelligent tourism, digital supply chains, intelligent city and financial services.

The alliance will also join hands on the construction of a recreational business district in Liangzhu and the development of local cultural and tourism industries.

It is expected that within five years, Cedar will generate business revenue of over 60 million yuan in Yuhang district and contribute more than 400 million yuan in annual tax revenue to the district.

Founded in 1997, Cedar is a multi-industry group and one of the largest private companies in Guangzhou focusing on commodities trading, chemicals, tourism, real estate and finance. 

In 2017, the company recorded an annual revenue of 221 billion yuan and was ranked 361st in the Fortune Global 500, according to its website.