(Yicai Global) Aug. 4 -- Chinese project developer Teamax Smart City Technology Corp. [SHE:000662) will invest a total of USD750 million (CNY5 billion) in the construction of smart city projects in Zigong city, Sichuan province in southwestern China.

The company's wholly-owned subsidiary Teamax Technology Group signed a strategic cooperation agreement with Sichuan Cable TV Network Co. Zigong branch to jointly promote smart city construction in Zigong, with a total investment of CNY5 billion (USD744 million), the company announced yesterday. The cooperation period is fixed for eight years.

Teamax Technology Group will invest CNY2 billion over eight years, and then invest CNY3 billion in the construction of smart city projects in Zigong, per the announcement.

The parent company will avail itself of its wealth of intelligent city project construction and operation experience in the process of cooperation, and work with partners to acquire the local government's smart city project construction and operation rights.

The two sides will cooperate in the development of the government smart city projects and will sign separate project contracts, the announcement added.