Dalian Sunasia Tourism Holding will invest up to C¥5bn (US$785m, €693m, £506m) into a mixed-use waterfront leisure project, after signing a deal with the Chinese government for development of Moby Dick Coastal City in Liaoning province.

According to an Investment Framework Agreement signed between Dalian Sunasia and the Wafangdian City People’s Government, the project will sit on 730,000sq m (7.85 millionsq ft) of state-owned land. Included will be cultural attractions, a harbour seal breeding sanctuary and research base, a pier with support for the fishing industry, a waterpark, indoor leisure park, hotels and ecological sightseeing agriculture projects.

Developed over two phases, phase one of development will take two years from the project’s groundbreaking and will include the shore and recreation amenities, plus an indoor leisure park. Phase two of development will include the remainder of the plans, with that stage being implemented over a year.

The development is split into four different sites in Wafangdian; the east coastal road, the area south of the Dragon King Temple, the west coastline and the northern area across the river. According to the agreement, Wafangdian City People’s Government is responsible for drawing up a masterplan, and appointing architects and construction teams.

“The strategic co-operation between Dalian Sunasia and the Wafangdian Government will help to effectively promote the rapid progress and implementation of our business and development plan,” said a statement from Dalian Sunasia.

“As this project moves forward, our portfolio will be further strengthened, laying the foundations for further expansion and long-term development of Moby Dick Coastal City.”