Hyundai Engineering and Construction Group, a subsidiary of the South Korea-based conglomerate Hyundai Group, will invest $1 billion to build a Hyundai International Automobile Trading Center in the Fuxing District of Handan in North China’s Hebei province.

Construction began Monday following an announcement by Hebei Governor Chen Quanguo. Vice Governor Yang Chongyong and a Hyundai Engineering and Construction Group representative also attended the announcement ceremony.

The project is the biggest foreign investment in Handan. The new center will feature integrated commercial activities, including auto exhibits, sales, retail accessories, auto storage and logistics, and car-themed cultural entertainment.

Upon completion, it will be the biggest of its kind in the Shanxi, Hebei, Shandong, Henan region.

By Guo Changdong and Zhang Nan