Located in western Beijing's Haidian District at the intersection of two of Beijing's major roads - Chang An Avenue and the Fourth Ring Road - the arena is twice as big as current CBA stadiums. It seats 18,700, including 9,600 box seats and 48 private suites, and has two restaurants.
The league calls the area around the venue "NBA City" and plans to build more facilities after the Games.
"The arena will become the region's finest and most modern showcase for basketball and other sports, as well as for the most popular performers in the music industry," said Tim Chen, Chief Executive Officer of NBA China.
"It will be an iconic building just like (New York City's) Madison Square Garden. We will be creating and operating an arena that provides the best schedule of sports and entertainment anywhere in China."
Chen believes the venue is a crucial step in the NBA's effort to promote basketball in China.
"The thing that delights me is that with this great arena, the NBA will be able to reach more people in China and bring fans authentic games," he said.
Wukesong is not the only venue to schedule top sporting events after the Olympics. The Olympic Green Tennis Center plans to host a WTA tournament and an ATP 500 Series event.
Local residents seem to enjoy the changes in their neighborhood
"I think it's a good thing," said Liu Jun, 49, who lives near the venue.
"It won't bother me. In fact, I feel comfortable living close to it. I think more stores and supermarkets will be built around it and traffic conditions will be improved as well.
"I enjoy looking out the window and seeing it, and I like telling my friends I live beside the Wukesong Arena," Liu said.