Georgian Prime Minister Irakli Garibashvili opened an Olympic village in Tbilisi on Monday that was built by China's Xinjiang Hualing Industry and Trade Group at a cost of $150 million.

The village, construction of which began in 2012, has been built for the 13th European Youth Summer Olympic Festival, which will be held in Tbilisi from July 26 to August 1, 2015.

The village, built on a property of 420 hectares, can accommodate about 4,000 festival participants. It has nine multi-storey residential buildings, a five-star hotel, a health and fitness center, retail outlets, restaurants and a recreation zone.

China's Hualing Group has been working in Georgia since 2006. The group owns 92.98% of Georgia's Basisbank through Xinjiang Hualing.