(Yicai Global) Dec. 29 -- Huge pharmaceutical conglomerate Fosun Pharma is planning to build a large-scale industrial park and a new headquarters building in Xuzhou in China's east-central Jiangsu province.

Shanghai Fosun Pharmaceutical (Group) [SHA:600196] struck a cooperative agreement yesterday with the management committee of the Xuzhou Economic and Technological Development Zone, which will house the project, Fosun announced, and the two will further negotiate the total investment for the project, as well as its planning and design, and other specifics.

The project will unfold in two phases, with the total area enclosed being 150 hectares. It will comprise a research and development center, a sales center and a production base for medical equipment. The industrial park will also construct an international production center, which will undertake projects transferred from enterprises the group has acquired throughout the world.

Xuzhou -- known as the hub of China's engineering machinery -- built its Economic and Technological Development Zone in 1992. It covers an area of 294 square kilometers and is the national demonstration base for high-end equipment manufacturing industry.

Fosun Pharma has plied many mergers and acquisitions overseas in recent years. It acquired Gland Pharma Ltd., India's leading medical injection manufacturer, for USD1.2 billion last year in the largest overseas acquisition case in China's pharmaceutical sector.