The new skyscraper being constructed in Huaxi Village, East China's Jiangsu Province, exceeds 250 meters in height on Tuesday, January 5, 2010. It is scheduled to be completed this June. [Yangtze Evening Newspaper]

Huaxi Village in east China's Jiangsu Province, allegedly the richest village in the country, saw its skyscraper rise to 250 meters on Tuesday, the Yangtze Evening News reports.

The 74-storey skyscraper is expected to reach 328 meters upon completion this June. Costing more than 1.5 billion yuan, the mega-building is scheduled to go into operation in 2011 to mark the 50th anniversary of the founding of the village.

Now the village is looking to Taiwan for investment and cooperation opportunities.

Wu Renbao, the former village leader who has transformed the sleepy farming community into an industrial hub of Jiangsu Province and a model for industry throughout China, has just visited Taiwan's city of Taichung.

He told the city's mayor, Jason Hu, that Huaxi intends to build a 100-meter gilded pagoda in Taichung.

If viable, the new building will be the tallest of its kind in the world and will feature high-end restaurants on the premises that cater to businesses and tourists.

Mayor Hu has welcomed the proposal and suggested several sites for the pagoda. The construction site has not been decided yet.