But the whole place is often eerily empty. The only noise on a recent afternoon was the distant clatter of construction and the bustle of security guards preparing for the arrival of the Chinese ambassador and Georgian leaders at a celebration of China’s national day in the hotel’s expansive ballroom.

The economic calculus behind the project, like that of many ventures financed by Chinese state banks, is something of a mystery.

Georgia’s prime minister, Giorgi Kvirikashvili, a former banker, said he had not done a detailed study of its “internal rate of return” — bankers’ jargon for profitability — but assumed “there has to be an economic rationale.”

Mr. Mi, who is the son of the founder and president of Hualing’s parent company back in the western Chinese region of Xinjiang, first came to Georgia right after the 2008 war with Russia. He acknowledged that there were initially doubts about the wisdom of sinking money into such a troubled land.

“Of course, some people thought this was crazy,” he said.

But he said the company, while not yet making a profit, liked Georgia’s low taxes and business environment, and so would keep expanding. It has already built nine tower blocks under a deal with the Georgian government that gave it more than 1,000 acres around the Tbilisi reservoir in return for the construction of housing for athletes who took part in a sporting event last year.

Hualing has now started work on six more towers and has plans for the remaining 12. The company also wants to set up a school, a medical clinic and other facilities to create a self-contained, Chinese-style gated community.

Mr. Mi said the venture should start making money within five years. In the meantime, he added, the company is serving China’s flagship economic and foreign policy program — a multibillion-dollar plan launched in 2013 by the Communist Party leader, Xi Jinping, to develop sea and land transport corridors through which China can export its goods to the world, particularly to Europe.