A ski resort is expected to be built in Shengzhou, a county-level city in Shaoxing, East China's Zhejiang province, local media reported.

Funded by Zhejiang Beilaite Holding Group Co Ltd, the 1-billion-yuan ($153.85 million) resort will be located in Xibai Mountain.

Its establishment is expected to boost the untapped ice and snow market and inject new vitality to the local tourism industry.

The deal was reached at a recent conference held by the local government to attract investment from Yueshang, or businesspeople from Shaoxing.

Beilaite also announced that it would invest 120 million yuan to develop homestays in Baiyankeng village, Shihuang town, Shengzhou.