The world's tallest wheel is to be constructed on the Huangpu River in Shanghai, the project's developer, Huamen Group, said.

Xu Qun, chairman of the board of Huamen Group, said the super-wheel will be located near Huishan Dock, northern part of the Bund, in Hongkou District and will cover an area of 3.46 hectares.

The wheel project will consist of a wheel with a diameter of 170 meters, which will be supported by two 200-meter-long planks, and a plaza at the base. The wheel will contain 36 cabins capable of accommodating 1,100 tourists a time.

Humen Group secured a contract, to the tune of 1.46 billion yuan (about 176 million US dollars), for development of the wheel by winning on April 25 an open bidding on use rights of a 3.52-ha stretch of land near Huishan Dock.

The wheel itself will cost between 600 million yuan and 800 million yuan. The entire project will be finished and ready for operation by Oct.1 2007, said Xu, who was confident of recovering the investment in seven to eight years.

With headquarters in Hangzhou, one of the most popular scenic cities in China, Huamen Group, set up in 1996, operates diverse businesses ranging from real estate, entertainment, mining, energy, education, sports, and film production. Its assets are said exceed 5 billion yuan (about 602 million US dollars).

Currently, the world's highest wheel is the London wheel in Britain. Completed in 1999, it has a height of 135 meters.