Chinese corporation Zoje Resources Investment has leased a large plot of land in Russia's Transbaikal region for agricultural exploitation. The Chinese corporation is expected to invest estimated $450 million into the project over the next 49 years.

Huae Sinban Company, Zoje Resources' wholly-owned subsidiary from Zhejiang province, has inked an agreement to lease 115,000 hectares (1,150 sq. kilometers), of them 65,000 hectares of wasteland and 50,000 hectares of pastures, in a region close to the border with China and Mongolia in Russia's Transbaikal region, Chinese People's Daily reports.

The lease payments will be a nominal 250 rubles (less than $5) per hectare per year, or about 1.409 billion rubles (approximately $26 million) over the 49-year period.

Huae Sinban plans to pursue various activities in Russia, from growing grain, oilseeds, fodder and herb material for pharmacy to organizing poultry, meat and dairy production.

If the first stage of the project in 2015-18 proves to be a success, the Chinese company is expected to eventually raise its total area of land leased in Russia to 200,000 hectares.

The Chinese agro industrial offshoot has reportedly taken on an obligation to invest into development of the agricultural tenancy more than 24 billion rubles (close to $450 million).

The produce will be supplied to both Russian and Chinese markets.