Hong Kong-based investment company Super Rise Group announced on Saturday partnership with State-owned China Co-op (Hainan) Industry Development to develop health projects in major cities in China.

The tie-up is to better leverage both sides' resources to better tap China's rapid development of health industry, executives said.

He Lin, chair of executive board of Super Rise Group, said the company has been working on the commercialization of precision medicine and medical education.

"The partnership with China Co-op (Hainan) Industry Development will no doubt bring our work to a new high. Their rich experience in development of industrial parks will also offer valuable insights to the cooperation," He said.

Du Yukuan, chairman and general manager of China CO-op (Hainan) Industry Development, said that China's health market will continue to grow with the increase of aging people and rising affluence. Du said the outlook is promising with Super Rise cooperation.

Details of cooperation will be worked out after further discussions, both sides said.

Data from industry analysis service provider iiMedia show China's health market reached 5.4 trillion yuan ($778 billion) in 2018. The market is expected to hit 16 trillion yuan by 2030.