(Yicai Global) Oct. 23 -- China Vanke Co. [SHE:000002], one of the country's biggest real estate developers, has reached a deal with privately-backed Chinese Culture Group Co. to promote integrated city and cultural industry development to improve the quality of China's entertainment industry.

The pair penned an agreement in Shanghai on Oct. 21, pledging to cooperate in entertainment venues, leisure, education, sports and smart communities to provide better cultural and entertainment products and services for citizens, China Securities Journal reported.

Chinese Culture Group is China's leading industry investment and operations platform focused on the development of the media, entertainment, internet and consumer sectors. It operates theme parks and theaters and has created many famous film and television entertainment firms and products, and has a presence in North America, Europe and Asia.

Vanke is well-versed in running urban support facilities, and its new partner has first-class entertainment resources and industrial investment, said Yu Liang, Vanke chairman. The pair will build an ecosystem for culture innovation and introduce more diverse products and services, he added.

Chinese Culture Group is looking forward to creating milestone projects and a new multi-disciplinary product model in the culture, tourism and real estate sectors, said Li Ruigang, its chairman.