Shenzhen-based private conglomerate Baoneng Group inked an agreement on a major industrial project settling down in Guangzhou Development District (GDD) on April 25. [Photo/gd.people.cn]

Guangzhou and Shenzhen-based private conglomerate Baoneng Group inked an agreement on a major industrial project in Guangzhou Development District (GDD) on April 25.

Secretary of the Party Working Committee of GDD Zhou Yawei and Baoneng Group Chairman Yao Zhenhua witnessed the signing ceremony.

As part of the contract, Baoneng Group will set up its headquarters for investment business, valued innovation town, and sports and culture center in the city.

Earlier last June, the group established Baoneng (South China) Investment Co with a registered capital of 1 billion yuan ($14.52 million), which is based in Guangzhou and responsible for the construction of further projects.

Baoneng Group also invested in the Guangzhou International Sports Arena in March this year. The 120,000-square-meter facility is the country's third built to be modeled on NBA basketball arenas, complete with Baijing's Wukesong and Shanghai's Mercedes-Benz arenas.

Baoneng's new town is expected to highlight industrial function and research and development, focusing on personnel training, science, and innovation.

Drawing experiences from Baoneng Science and Technology Industrial Park in Shenzhen, the new town, located in the core area of Guangzhou Science City, will focus on strategic emerging industries.

Once completed, the valued innovation town will introduce domestic and international high-end enterprises, establish state-of-the-art laboratories, and gather high-tech talents.

Baoneng Group Chairman Yao said that the cooperation, in response to the call for the construction of the Guangdong-Hong Kong-Macao Greater Bay Area city cluster, will contribute its part.