(Yicai Global) Dec. 20 -- The cloud business of Chinese technology firm Lenovo Group Ltd. [HK:0992] officially settled in the Tianjin Airport Economic Area yesterday.

In April, Lenovo signed an investment agreement with Tianjin Airport Economic Area to build a venture capital headquarters in the area and introduce multiple sub-projects, including one for its cloud unit.

Lenovo's investment in the area will exceed CNY5 billion (USD758 million). Lenovo put its cloud business on the market in 2006 to offer data management services to enterprises. It has provided them to more than 1 million business users in China.

The Tianjin Airport Economic Area is in the northeast of Tianjin Binhai International Airport. It focuses on advanced manufacturing industries such as aviation, electronic information and precision machinery. It boasts China's first airport bonded area and international logistics park.

Lenovo's cloud unit previously set up branches in Shanghai, Guangzhou and Shenzhen.