Ping An Insurance (Group) Company of China has signed a strategic cooperation agreement with listed real estate developer China Fortune Land Development (CFLD) on 26 September to strengthen cooperation in areas such as New Industry Cities, integrated financial services and coordinated development of emerging industries.
The cooperation aims at resource sharing between the two parties, complement each other's advantages, create a new engine for business innovation and coordinated development. The two parties will also explore collaborating on long-lease apartments, healthcare services, automotive service clusters and smart cities.
The cooperation taps the resources and advantages of Ping An Insurance in finance, technology, ecology and investment, as well as the resources and advantages of CFLD industrial development of New Industry Cities.
Ping An will provide comprehensive financial services such as credit, insurance, wealth management, asset management, cash management and investment banking services for CFLD. It will also support the development and operation of the New Industry Cities of CFLD and promote the transformation and development of the economy at county level where these New Industry Cities are located.
The two sides will also research and explore all-round cooperation in the areas of community personal financial services, health management, community e-commerce, third party payment and smart applications, big data analysis and application.
Since its first cooperation with Gu'an county in Hebei Province in 2002, CFLD's new industrial cities have been built in 15 core metropolitan areas, cultivating nearly 100 advanced industrial clusters.
On 10 July this year, a subsidiary of Ping An signed a share transfer agreement with CFLD's controlling shareholder, China Fortune Land Holding, by which the former received a 19.7% stake in the latter.