Greenland Group will build the world's third-tallest building in Wuhan, Hubei Province, at a cost of 30 billion yuan (US$4.5 billion).

The 606-meter Wuhan Greenland Center, planned to be completed in five years, will only be dwarfed by the 632-meter Shanghai Tower, scheduled to be completed in 2014, and the Burj Khalifa in Dubai, the world's tallest skyscraper at 828 meters.

The 3-million-square-meter development will consist of a premium hotel and luxury apartments, as well as Grade-A offices and upscale retail outlets, the company said.

"Wuhan, one of the largest cities in central China, has been playing a significant role in the country's economic development," said Zhang Yuliang, chairman and president of Greenland. "Our latest landmark project there will hopefully help set new development standards both for the city as well as the whole province."

Present in 41 cities across the country with nearly 24 million square meters of space under construction, Shanghai-based Greenland Group said it expects its revenue to exceed 120 billion yuan this year.