Huaqiao International Service Business Park in Kunshan, Jiangsu province, recently signed a cooperation framework agreement with Sinomaster Group, a giant private-owned investment group based in Shenzhen, following the park's investment promotion delegation’s visit to the group.

Under the agreement, Sinomaster will move its East China headquarter and main subordinate enterprises into the park, developing the group's regional headquarters economy and constructing a headquarter and enterprise complex.

In order to cultivate a full-range industrial chain, the park plans to introduce and integrate a batch of leading upstream and downstream enterprises in the industry.

Sinomaster was established in 1996 with a registered capital of 200 million yuan ($33.1 million). Its annual turnover was more than 10 billion yuan with businesses involving multiple sectors, including high-technology, tourism, real estate, communication and logistics.

Sinomaster will invest an estimated 5 billion yuan into the project, which includes construction of an East China headquarter building, an R&D and testing base, and a logistics center. The project's sales revenue will hit 10 billion yuan in total in three years with 3,000 employees.