(Yicai Global) Sept. 2 -- The developer of Shanghai's renowned tourist landmark Yu Garden and fintech giant Ant Group are joining hands to enlarge the commercial allure of the area.

A consortium consisting of Fuyou Industrial Development, a subsidiary of Yuyuan Tourist Mart, and Yundi Enterprise Management and Consulting, a unit of the Alipay operator, has won a plot of 108,224 square meters in the downtown area that has rich historical and cultural features, according to a filing published on the website of the Shanghai Land Exchange yesterday. The document did not disclose the transaction price.

Yuyuan Tourist Mart will be in charge of the overall development of the commercial project. Meanwhile, Hangzhou-based Ant Group will acquire about 60,000 square meters of self-owned property to develop its financial technology and blockchain business in Shanghai, The Paper reported.

When completed, the project will be linked with the neighboring Yu Garden, commercial landmark Bund Financial Center, and the Yu Garden Phase II project to form a massive commercial complex with a total floor area of more than one million square meters, covering tourism, commerce, business, leisure, entertainment, and residential functions, according to The Paper.

Yuyuan Tourist Mart is controlled by conglomerate Fosun International which is engaged in business in areas including tourism, retail, real estate, and cultural industries. In the first half of this year, Yuyuan Tourist Mart's net profit fell 47 percent to CNY754 million (USD109.3 million) from a year ago amid Covid-19 outbreaks, according to its earnings report. Meanwhile, revenue slid 4 percent to CNY22 billion (USD3.2 billion.

Editor: Emmi Laine, Xiao Yi