China Second Metallurgy Group Co won the bid for a regional development project in Xuchang, Henan province, with a bid of 3.1 billion yuan ($484 million), on Oct 12, reports Baotou Daily.

The project is located in Jian'an district in the city of Xuchang. It includes six sub-projects, such as new resettlement residential buildings, new municipal roads and supporting facilities, and two schools.

The project is expected to improve Xuchang's urban functions and comprehensively improve housing quality and educational facilities.

Based in Baotou, North China's Inner Mongolia autonomous region, China Second Metallurgy Group Co is a comprehensive construction enterprise specializing in engineering projects, equipment manufacturing, and real estate.

It is a subsidiary of China Metallurgical Group Corporation, one of the Fortune 500 companies.