The construction of a maize deep processing factory in Dinghai district of Zhoushan, East China's Zhejiang province, started on Nov 19. 

The three-billion-yuan ($419.72 million) facility, which is funded by Zhejiang Huakang Pharmaceutical Co Ltd, is expected to process 2 million metric tons of corn annually and generate an output value of 5 billion yuan, according to local media reports. 

Founded in 1962, Huakang is a national high-tech enterprise that manufactures functional polyol, starch sugar and healthy food ingredients.

The facility will be based in the district's Zhoushan Grain Industrial Park, which imports 5 million tons of corn per year.

The facility will also inject vitality to the city's grain industry, said a local official.