(Yicai Global) Aug. 30 -- Chinese waterproof material maker Beijing Oriental Yuhong Waterproof Technology Co. [SHE:002271] is looking to build regional headquarters in south-central China and a new material production base in Yueyang, Hunan province, with a total investment USD303million (CNY2 billion).

It struck an agreement on the proposed business headquarters and production base with the Administrative Committee of Yueyang Economic and Technology Development Zone yesterday, the company said in a statement.

The manufacturing base will be built on a 200,000-square-meter site designated for industrial development, and the regional headquarters will occupy a business and residential land parcel measuring 53,300 square meters, per the statement. Construction of the facilities will last 24 months. The output value of the base is projected to exceed USD303 million, generating over USD18 million in tax revenues.

Located in the northeast of Hunan province, Yueyang is a modern logistics hub with ports built along its 163-kilometer Yangtze River shoreline. Given Yueyang's superior location as a port city, the deal with the local economic and technology development zone will help the public company improve its logistics system, it announced.

Oriental Yuhong Waterproof Technology is a high-tech enterprise specializing in waterproof building material development, public information shows. It formed a partnership with leading German paint manufacturer Deutsche Amphibolin-Werke SE  late last year. The new manufacturing base is designed to produce the latter's special coating materials.