(Yicai Global) July 7 -- China Merchants Shekou Industrial Zone Holdings Co. [SHE:001979] (CMSK) will invest CNY15 billion to build a new business center in Shenzhen, China's booming new metropolis in southeastern Guangdong province.

CMSK has signed a corresponding cooperation agreement with the management committee of Shenzhen's Guangming New District, the company said July 5.

CMSK will invest in and build smart city project in the new district for its parent China Merchants Group's (CMG), while the latter will develop financial leasing, distressed asset management and other financial projects within the district.

Designed to cover an area of 1.4 square kilometers, CMG's smart city project aims to build a high-end venue offering modern services for work, life, study and leisure, per the announcement.

CMSK will develop land within and around the project's area, build on vacant plots and renovate old villages and industrial zones, the announcement added.

CMSK is an integrated park developer owned by CMG that mainly develops and operates parks and communities and plies cruise ships.