China National Chemical Engineering, which is principally engaged in the construction of chemical and petrochemical infrastructure, said it plans to spend about Rmb4bn to build an industrial park in the Jiangsu city of Qidong, which is located north of the Yangtze River, opposite Shanghai.

The company said in a statement filed with the Shanghai Stock Exchange that the park will cover an area of about 3.3 sq km and will be responsible for research and development, as well as the production of new materials.