The Singapore-based CapitaLand Group, one of Asia's largest real estate companies, will partner up with Haishu district, Ningbo, Zhejiang province to build an industrial park for intelligent manufacturing, according to an agreement signed on April 26.

The park will cover an area of 1,330 hectares in Haishu's Wangchun Industrial Zone. Expected to be completed within five to eight years, it will be planned, constructed and operated mainly by the Singaporean company, costing a total of about 15 billion yuan ($2.37 billion).

According to the agreement, CapitaLand will also help the park attract and cultivate companies specializing in new energy, new materials, biomedicine, information technology and other forward-looking fields.