Yip's Chemical Holdings Limited, one of the largest manufacturers of petrochemical products in China, signed a 1 billion yuan (US$148 million) investment agreement with Shanghai Fine Chemical Industry Park in Jinshan District recently.
It is the 12th project in Jinshan District this year with a total investment of more than 2 billion yuan.
Yip's Chemical said it would build a new coatings production plant in the industry park to meet strong demand from the architectural paints market in China through its subsidiary Bauhinia Paints.
Occupying an area of approximately 21.8 hectares, Bauhinia Paints Shanghai Jinshan Project has a planned annual production capacity of 280,000 tons of coatings products and ancillary solvents with an annual turnover of 4 billion yuan.