Poly, InterContinental enter strategic agreement

Poly Development Holding Group Co Ltd, a subsidiary of China Poly Group Corp, entered into a strategic cooperation agreement with InterContinental Hotels Group during the ongoing China International Import Expo in Shanghai on Wednesday, jointly eyeing exploring the country's entertainment, cultural and hotel sector.

Under the agreement, which is estimated to be worth $17 million, the two parties will jointly explore 10 real estate hotel projects nationwide, including Foshan, Putian, Sanya, Tianjin and Wuhan, that cover 300,000 square meters.

Zhang Xi, vice president of China Poly Group Corporation Ltd.,said the cooperation between Poly and InterContinental is a win-win for both parties, with first-class hotel design, project management, cost control, business operations and logistics support.

Cooperation of the two sides covers more than 10 hotel projects so far in China, including Guangzhou, Foshan, Chongqing, Chengdu and Nanchang.

Poly expects further and more profound cooperation with InterContinental, he said.

This is part of the corporation's strategic agreements nailed during the ongoing China International Import Expo in Shanghai on Wednesday. 

Poly Theatre Management Co Ltd, the company's theater arm, also signed an agreement with a contracted value of 4 million yuan ($578,402) with Armstrong International Music and Arts Ltd to introduce several concerts to domestic audiences. 

The theater management company arranges some 3,000 performances from abroad every year. It has also been cooperating with more than 10 countries and regions participating in the Belt and Road Initiative and more than 500 performances from these countries and regions are put on in theaters each year.

Other contracts include a gold purchase worth $1.6 billion between China National Arts and Crafts Group Corporation Limited and Standard Chartered Bank, the 35-ton platinum purchasing project between China National Arts and Crafts Group Corporation Limited and JPMorgan Chase Bank (China) Company Limited, and the Chilean pulp procurement project worth $116 million between SinoLight Corporation and Sinocan Pulp and Paper Ltd.

Total contracted value is $2.74 billion, it said. 

China Silk Corporation under the Poly Group also signed a strategic cooperation framework agreement with five overseas suppliers, including PASAYA Textile Gallery Co Ltd, to jointly set up a silkworm base for and further explore brand cooperation on silk products and the international textile market. Total contracted value reached $66 million, it said.