A computer generated image shows how the world's 3rd tallest building in Central China's Wuhan city will look when completed in 2014. [Photo/Wuhan Evening News]

A groundbreaking ceremony was held for what will be the third highest building in the world – Wuhan Greenland Center – in Wuhan city of Central China's Hubei province Wednesday, chinanews.com.cn reported.

Scheduled to be completed in 2014, the multifunctional skyscraper, complete with a five-star hotel, Grade-A offices, luxury apartments and upscale retail outlets, will only be dwarfed by the 800-meter Burj Dubai Tower and 632-meter Shanghai Center Tower.

The project, with a gross floor area of three million square meters, is located in the Bingjiang business district in the city.

The investment is estimated to exceed 30 billion yuan ($4.5 billion), said the developer, Shanghai-based Greenland Group.