Officials from Shanghai Sunac Real Estate Development Group and Xinjiang Degang Investment Group Science and Technology Development Co sign an agreement in Toutunhe district, Urumqi. [Photo/uetd.gov.cn]
The Urumqi Economic and Technological Development Zone (Toutunhe district) signed a strategic cooperation framework agreement June 12 with Shanghai Sunac Real Estate Development Group Co Ltd and Xinjiang Degang Investment Group Science and Technology Development Co Ltd.
Shanghai Sunac Real Estate Development Group Co Ltd, a subsidiary of Sunac China Holdings Limited, focuses on the development and management of high-end properties, including residential communities, villas and office buildings.
Xinjiang Degang Investment Group Science and Technology Development Co Ltd has been among Xinjiang province's most comprehensive and innovative enterprises since its founding in 2008.
The agreement will guide the construction of White Bird Lake new district, renovation of the old city, and promotion of commercial and residential environments to a new level.
The agreement will see Shanghai Sunac and Xinjiang Degang invest no less than 10 billion yuan ($1.56 billion) in Suna and Degang No 1 Yard project and White Bird Lake Green Valley International Innovation City project, while also contributing to renovation and upgrading of historic areas.
"We will make full use of our brand strength and resource integration capabilities to create a scientifically advanced innovation project integrating education, tourism, and both commercial and residential entertainment," said Tian Qiang, president of Shanghai Sunac Real Estate Development Group.
Zhang Junxing, Toutunhe district governor, said the agreement should boost the development of Toutunhe's modern service industry while promoting strategic cooperation between all three parties.