Shanghai Industrial Development (600748.SH) signed a strategic cooperation agreement with the North Bund Group.

Shanghai Industrial Development (600748.SH) announced that the company recently signed a "Strategic Cooperation Agreement" with Shanghai North Bund (Group) Co., Ltd. (referred to as "North Bund Group"). The agreement stipulates that the two parties will become core long-term strategic partners for each other, engaging in extensive communication and cooperation in the areas of development and construction, urban renewal, industrial introduction, urban innovation model operation, and commercial operation within the North Bund area. The two parties will conduct joint inspections, research, and analysis on the future urban integrated operation in the core area of the North Bund, deploy cooperation work requirements and promotion measures, propose a vision and suggestions for the future unified urban operation mechanism and model. Both sides aim for equity cooperation and long-term sustainability, explore the path towards deep cooperation, and accelerate the optimization and implementation of urban renewal and innovative operation models. The announcement stated that the company is currently developing the 90# plot in the area, and will also participate in the construction of the future tallest building in Shanghai Puxi on the 91# plot through a joint venture. This strategic cooperation is an important opportunity for the company to enter the urban operation service field, participate in urban renewal, urban innovation model operation, and commercial operation in the North Bund area, and integrate urban operation.