The municipal government of Zhoushan in East China's Zhejiang province recently signed three projects worth 2 billion yuan ($290 million) to promote the development of the city's shipping, high-tech and modern service industries.

An international shipping center will be built by the Zhejiang Communication Investment Real Estate Group in the next four to five years. The center will cover 61,000 square meters and will house shipping headquarters and related agencies.

A high-tech industrial park will be built by Huifeng Investment Development Co in September and is expected to be completed in October 2022. The park will cover an area of 29,000 square meters and focus on developing the marine economy.

In addition, a hotel will be built by Marriott, which will have 264 guestrooms along with executive lounges, meeting rooms, banquet rooms and entertainment facilities. 

This is the fourth world-renowned real estate developer to invest in Zhoushan, after Hilton, InterContinental Hotels Group and Starwood.