The Zhongguancun Development Group and Bank of Beijing signed a financing cooperation agreement recently, marking a breakthrough in the innovation of traditional credit business cooperation, financing product services and cooperation mechanisms.

According to the agreement, Bank of Beijing will give the group a line of credit worth 2.5 billion yuan ($392.25 million), meeting the group's capital demands in acquisitions, loan release and park construction.

Xu Jiang, general manager of the group, expressed his appreciation for Bank of Beijing's long-term support in the group's business development. He noted, as one of Beijng's major commercial banks, Bank of Beijing has strong competitive advantages and development potential. Both parties of the agreement are key Beijing enterprises and they have set up cooperative relationships in various forms.

As a marketized resource-integration platform built by the Beijing Municipal Government, the Zhongguancun Development Group has made efforts in promoting Zhongguancun's development.

This agreement will help the group reduce its financing cost and increase financing efficiency, providing more convenient and effective financial support for the development of projects.

Yan Xiaoyan, general manager of Bank of Beijing, said the bank and the group are intimate partners. Providing the line of credit and establishing comprehensive cooperation relations with the group is an important way for Bank of Beijing to provide comprehensive and personalized financial services for scientific and technological enterprises. The bank wishes to help the group improve work efficiency in credit, loan and corporate finance businesses. This agreement will also promote financial innovation in the science park.

Edited by Chen Zhilin and Michael Thai