Changsha county in China's Hunan province is planning projects worth more than 10 billion yuan ($1.5 billion) that will include an up-scale shopping mall and lake.
The county will invest roughly a third of the total cost of investment, which includes up to 2 billion yuan, to relocate some of the residents who will be displaced, Yang Yiwen county chief executive said.
Yang, who is also a senior economist, said funding would come from the county's fiscal revenues and from the sale of land in the lake area which is regarded as an ideal venue for premier residential projects.
Three to five five-star hotels and a small to medium sized golf course could also be built in the area, he added.
Investors were also needed for a shopping mall, which could emulate the urban tourist attraction, Xintiandi, in downtown Shanghai, featuring restaurants, retail, entertainment and residential facilities.
Although growth in China's urban property prices slowed abruptly in early 2008, when the global financial crisis started to ripple through the economy, there is a feeling that government stimulus plans have slowed the property market decline.
Such is the interest in mainland property that China Overseas Land & Investment plans to set up a real estate fund of up to $800 million for investing in the mainland market.
The largest Hong Kong listed Chinese developer will make progress in setting up the fund this year with a target fund size of between $500 million and $800 million, according to the company's vice chairman, Hao Jianmin.
The company, controlled by the Ministry of Construction, aims to make use of its dominant position to attract international investors.
