The Administrative Management Committee of Harbin New Zone signed a strategic cooperation agreement with Shenzhen-headquartered Baoneng Group in Harbin, in Heilongjiang province, on May 28.

The agreement was signed in the wake of a Harbin Baoneng International Trade and Technology City project agreed to by the two sides in April.

According to the agreement, Baoneng Group will invest 21 billion yuan ($3.04 billion) in Harbin New Zone to establish an industrial park covering an area of 1.1 million square meters. It will set up four functional areas for technology and culture exchanges, business headquarters, high-tech industries and high-end industry support facilities.

In addition, Baoneng Group will work with Harbin New Zone to establish a complete industrial chain for food processing, helping Harbin become a manufacturing base of renewable energy vehicles and construct a medical base with high-end nursing services and a leisure resort.

Baoneng Group, founded in 1992, is a dynamic Chinese property and financial services conglomerate with operations in real estate, logistics, microfinance, education, healthcare and insurance. It also has over 40 shopping malls in China.

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