A new skyscraper has been unveiled in Huaxi village in China’s Jiangsu province to commemorate the 50th anniversary of the founding of the country’s richest village.

Back in the 1950s, Huaxi was a small village with only 576 residents. But in 2003, it became the first village to generate an astonishing 10 billion yuan ($1.5 billion) of Gross Domestic Product, Xinhua News Agency reported.

The village celebrated its 50th anniversary on Oct. 8, with the inauguration of a massive 328 meter (1,076 feet) high skyscraper that stands out in the village's otherwise small and nearly unnoticeable skyline.

The sculpture of a bull, made from solid gold and reportedly weighing a tonne, has also been installed. The bull, a testament to the wealth of the village, will greet visitors from a viewing area on the sixtieth floor of the tower, Reuters reported.

Huaxi, now a booming market town of 36,000, is in the affluent eastern province of Jiangsu. If statistics are to be believed, then every family has at least one house, two cars and $250,000 in the bank. The residents enjoy universal health care and free education.

The newly unveiled tower in Huaxi is pictured below.