(Yicai) April 30 -- Shanghai will spend CNY4 billion (USD585 million) building five major new cultural tourism projects, including the world’s highest Ferris wheel.

The 228-meter-high ‘Gate of Shanghai’ and the West Bund Star Dome are two of the projects, according to plans unveiled at the fifth Shanghai Tourism Investment Promotion Conference yesterday.

The ‘Gate of Shanghai,’ to be located in the city’s northern Baoshan district, will cost CNY2 billion, the Shanghai Observer reported. Construction work is scheduled to kick off this year.

The West Bund Star Dome, a 360-degree spherical landmark venue that can accommodate 3,000 spectators, will sit in Xuhui district and cost about CNY1.2 billion. It will host immersive performances, digital art exhibitions, new product launches, and cultural and sports events.

Construction of the West Bund Star Dome is due to start in the second half of this year and be completed by the end of next year.

The other three projects include an 11.4-kilometer-long tour and entertainment road along the Huangpu River, renovating the blocks in the Bund area that are not at the riverside into high-end cultural tourism areas, and creating an artificial intelligence-based immersive interactive theater at a film shooting base.

The conference also unveiled a roadmap, offering clear and feasible investment guidance for global capital to invest in Shanghai’s key cultural and tourism industries.

Editor: Futura Costaglione