BEIJING - Suning Holdings Group will expand its presence in Tongzhou District, Beijing's sub-center as the company banks on the region's development.

Suning will have 342 smart retail outlets in operation in the district within the next three years, according to a strategic cooperation agreement signed between the company and the Tongzhou District government.

The conglomerate will also introduce finance, tech, culture, sports and other businesses into Tongzhou to foster emerging growth drivers.

Suning's sales in Tongzhou exceeded 30 billion yuan ($4.47 billion) in 2018.

The Nanjing-headquartered company unveiled an expansion strategy for Beijing in July to increase investment in retail market.

Beijing is shifting some of its administrative functions out of the city center into the eastern suburb of Tongzhou to help address problems including traffic congestion and air pollution. The sub-center aims to accommodate 1.3 million permanent residents by 2035.