The Nihao supermarket in Italy. [Photo/hangzhou.com.cn]

The Italy Nihao Group plans to invest 200 million yuan ($30.84 million) in building a global headquarters building in the Fuyang Economic and Technological Development Zone, Hangzhou, Zhejiang province.

The news was announced at a recent signing ceremony between the two sides.

In addition, a flagship store selling luxury goods from around the world will be established next to the global headquarters building.

The project covers an area of 13 mu (0.87 hectares) and is expected to generate 500 million yuan in revenue annually after completion.

In 2006, Nihao, which was established by overseas Chinese businessman Ye Jianyi, opened its first large-scale store in Italy.

As of 2020, Nihao owned 15 supermarkets and 17 franchised outlets in Italy. That year, the trade volume of Nihao in China totaled 1.8 billion yuan while its operating revenue exceeded 347 million yuan.