The Lake Malaren Shanghai Masters will swing away with 30 of the world's top golfers competing for $5 million in prize money, between Oct 27-30.

"The champion will walk away with $2 million, which makes the Lake Malaren Shanghai Masters one of the world's most rewarding events," said China's golf trailblazer, Zhang Lianwei, the ambassador for the tournament.

"I'm extremely delighted to see that, for the first time, a local company shoulders the responsibility of promoting golf in China. As a member of the earliest batch of Chinese professional golfers, I would love to see the Lake Malaren Shanghai Masters become China's Masters," said Zhang.

He said he expected the Lake Malaren Shanghai Masters to develop into a flagship golf event, like the US Masters, in the future.

Zhang will fulfill his ambassadorial responsibilities by sending invitation letters to elite golf players to take part in the event.

According to Zhang, five golfers have already confirmed their attendance. Former major champion John Daly (1995 British Open) and two-time US Open champion Retief Goosen (2001, 2004) from South Africa, England's Ian Poulter and Paul Casey, and the 2010 Asian Tour Order of Merit winner, Noh Seung-yul from South Korea, have all said they will come.

The 72-hole tournament with no cut will send out 30 invitations to many stellar golfers including other majors winners, Order of Merit winners and some of the top Chinese players.

"IMG hosts at least 11 events worldwide every day across the world. However, we do little in the China market. Shanghai and China can provide us with a great platform to develop international standard events, and we are looking forward to turning the Lake Malaren Shanghai Masters into a global event," said Adam Zhu, chairman and president of IMG China and vice-chairman of IMG Asia-Pacific.

The event tees off just before the WGC-HSBC Championship in November.