Cinda Asset Management Co, one of the four largest companies managing state-owned assets in China, has signed a strategic cooperation framework agreement with TEDA Investment Holding Co to work on financial services on Friday in Binhai New Area, Tianjin.

Cinda, founded in 1999 with a registered capital of 10 billion yuan, does business in non-performing asset undertaking, management, and disposal.

TEDA Holding, established in 2001, was authorized by the Administrative Commission of the Tianjin Economic-Technological Development Area (TEDA) to operate and manage state-owned assets. Its business covers land development, finance, infrastructure facilities, manufacturing industry and more.

Both sides believe the cooperation will complement each other’s assets.

Cinda’s experience in financial services, capital power and branches across the country are valuable to TEDA Holding, while the latter has advantages in land reserves and regional development.

Binhai’s fixed assets investment is growing rapidly and large-scale projects continue to be established there, providing huge market potential for Cinda, He Lifeng, Direcotor of the TEDA Administrative Committee, said in his meeting with Cinda president Tian Guoli.

Binhai was approved by the State Council in 2006 as a designated experimental zone for comprehensive reforms, with financial reform as the priority.

According to the agreement, both sides will also work together on land development and assets disposal.

By Guo Changdong