The Zhongnan Holding Group and Tangshan Bay International Tourism Island recently signed an agreement at the 2nd Tangshan Bay Island Development Forum, in Tangshan city, Hebei province, the Hebei Economic Daily reported Wednesday.

According to the agreement, the Zhongnan Group will increase its spending on a project to develop Moon Island, part of the Tangshan Bay International Tourism Island, to 27 billion yuan ($4.3 billion). The funds will also be used to improve the shoreline infrastructure on the Tourism Island, and are the largest amount of investment ever in a Chinese tourism project.

The Tourism Island has some unique resources, and came up with an advanced development plan, picturing a bright future, to attract more investors. It has attracted a number of key tourism projects in 2012, including a 1.1-billion-yuan Four Seasons Bathing Beach project, and a 1.2-billion-yuan Motor Home Camping project.