World Snooker have confirmed the China Championship will become the latest addition to the 2016-17 calendar, featuring a record non-UK top prize of £200,000.
The first professional tournament to be held in the city of Guangzhou in the Guangdong Province of South East China will run from November 1-5.
Initially, the format will be a 16-man invitational tournament, with the top ten players in the world rankings invited to compete, along with the next four-players from the separate one-year ranking list and two players nominated by the China Billiards and Snooker Association.
The total prize fund will stand at £650,000, with first round losers to receive £15,000, and the winner to bank £200,000, eclipsing that of the International Championship.
For the following three years, it will become a world ranking event, contested by 128 players, with prize money for the 2017 edition rising to £700,000, with the winner's cheque at £150,000.
The winner will also earn a place in the Champion of Champions, which takes place the following week in Coventry.
World Snooker Chairman Barry Hearn said: "We are thrilled to be working with the promoter Evergrande and the CBSA on this brand new event. Our global calendar gets busier every season and this is a major addition.
"For the invited players this time it's an incredible opportunity to play a big tournament in a new city with the chance to earn a huge top prize - the biggest we've ever had in Asia. And from next year it's a full ranking event open to all tour players.
"Snooker in China goes from strength to strength, we now have five major tournaments there this season and we're thrilled to be going to Guangzhou for the first time. Alongside our partners in China we're creating a very bright future for our sport," he added.
Full details on the field of players and television coverage will be announced in due course.