(Yicai Global) Aug. 5 -- Chinese game developer NetEase will invest over CNY5 billion (USD720.3 million) to construct an esports park, including the nation's first large video games tournament venue, in Shanghai.

The park, to be located in Qingpu district, will focus on game development and talent building, The Paper reported, citing Ding Yingfeng, president of NetEase's game business. The Guangzhou-based firm has held esports events in over 120 Chinese cities in the first half of this year.

In June, Shanghai's municipal government issued new policies to promote the competitive gaming sector, aiming to build the city into a global esports hub in a range from three to five years.

Editor: Emmi Laine