State-owned enterprise China Railway Construction City Development Co Ltd, or CRCC, won the bidding recently for the imaginative Lishui Dengta community project, with a total investment of  10.84 billion yuan ($1.66 billion).

The company has paid 1.25 billion yuan for demolition of old residences and according to local officials, this is a new path for Lishui city in East China's Zhejiang province in creating a future community.

A future community is a new urban functional unit integrating neighborhood, education, health, entrepreneurship, architecture, transportation, energy, property and governance.

Dengta community is one of the typical old communities, in the second group of planned future community pilot projects in Zhejiang.

As the core area of the old urban area in Lishui, the renovation and reconstruction of Dengta community will act as a demonstration model for a large number of renewal projects in the city,  officials said.

CRCC is responsible for land consolidation, design, investment and financing, construction and the management of infrastructure and ancillary buildings and their support facilities in the project.