(Yicai Global) Aug.14 -- China's property giant Greenland Holdings will team up with a local research institute for heat power processing and telecom infrastructure provider China Tower to tap startups' innovation and to create smart monitoring platform for its buildings. 

Greenland signed a cooperation agreement with the Institute of Engineering Thermophysics of the Chinese Academy of Sciences to build the Jinan Advanced Power Research Institute in eastern China to provide incubation space for startups and set up the CAS Lvyuan Venture Capital Fund to match the tech park with channels for funding, state-backed The Paper reported. The fund will have an initial capital of CNY100 million (USD14.5 million).

On the same day, Greenland also signed a cooperation agreement with the country's largest telecom tower builder China Tower, which will make an Internet of Things information platform for the Shanghai-based real estate developer's projects. The application will help in monitoring the environment and energy consumption.

Joining hands with China Tower leaves the company plenty of room for development in the fields of digital property and smart buildings, said Greenland's President Zhang Yuliang.

Beijing-based China Tower raised the world's largest initial public offering for two years on Aug. 1, after which it seeks to diversify its business that until now has mostly been based on revenues from the country's three major telecom operators.

Greenland and the educational institution will also promote the establishment of the Aerospace Academy in the Jinan Pilot Area to form a talent training base.

Editor: Emmi Laine