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."

(Xinhua News Agency December 15, 2008)