KINGSTON, Jamaica (AP) — The new government of Antigua & Barbuda has signed an agreement with Chinese investors to build a major development project in the twin-island Caribbean nation.

Gaston Browne became prime minister on Friday after leading his Labor Party to victory in elections. Over the weekend, he signed a memorandum of agreement with a Chinese company for a $740 million project on Guiana Island and nearby land.

The 460-acre (184-hectare) island was previously owned by convicted Ponzi schemer R. Allen Stanford. Developers would have to buy the land from liquidators.

The Labor Party announced late Sunday that Browne signed the agreement with Yida Zhang, director of Yida International Investment Antigua.

Plans call for the construction of five hotels, 1,300 residential units, a casino and marina.