Shanghai-based Tent Group Co Ltd on Aug 18 signed an agreement to build a 500 million yuan ($72.86 million) headquarter for the research and development of central air conditioning systems in the Nantong Economic and Technological Development Area in East China's Jiangsu province. 

The project is expected to generate an annual output value of 200 million yuan and contribute 30 million yuan worth of taxes, according to authorities.  

Established in 1999, Tent is a major manufacturer of central air conditioners. The company first established a presence in NETDA in 2017. 

Tent, which was recognized as a national high-tech enterprise and an innovation company in Nantong in 2020, invests more than 10 million yuan in the research and development of new products every year. 

Bao Delin, director of the administrative committee of NETDA, said that Tent establishing the new headquarter will significantly speed up innovation in the area. 

He added that authorities will provide better services and streamline approval procedures so that the construction of the project can begin as soon as possible.