Plans have been revealed for a HK$4.98bn (£421.7m, US$642m, €492.6m) Asian modern and contemporary art museum in Hong Kong, China.

M+ is scheduled for completion in 2017 with HK$4bn (£338.8m, US$515.7m, €395.8m) coming from the government for construction and a further HK$1.7bn (£144m, US$219.2m, €168.2m) going on building an art collection and covering storage costs.

Pritzker prize-winning architecture firm Herzog & de Meuron have been selected as designers for the project. Previous work by the firm includes the 2008 Beijing Olympics 'Bird's Nest' Stadium and the Tate Modern in London.

Also chosen to work on the design of the project is London firm TFP Farrells.

The Museum of Visual Culture, will be home to 20th and 21st century art, design, architecture, video and sound installations. It is the largest component a 40-hectare (98.8 acres) project that will include 23 hectares of green space built on reclaimed land.

The planned exhibition space for the project will be about 17,000sq m (183,000sq ft) - more than double the size of London's tate modern.