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China's building-sector SOEs link up to weather financial turmoil

(Xinhua)
Updated: 2008-12-15 14:26

Sinohydro Corp told Xinhua on Monday that it signed a strategic partnership agreement with the China National Building Material Group Corp, the nation's largest building materials firm, to work together amid the financial crisis.

The two leading State-owned enterprises (SOEs) will cooperate in the areas of project contracting, investment, real estate development and management.

The move was taken in response to a call by the nation's SOE regulator, the State-owned Assets Supervision and Administration Commission, for SOEs to cooperate to weather the financial crisis, said Beijing-based water projects company Sinohydro.

The company said "this effort can enhance both sides' competitiveness and help secure our leading market roles."