Chinese conglomerate Orient Victory Group (OVG) has signed a strategic partnership with the General Administration of Sports of China (GASC), in which the company plans to support Chinese national teams for the Tokyo 2020 Summer Olympics and the Beijing 2022 Winter Olympics.
OVG has agreed to donate 100 million yuan to upgrade the supporting facilities for Chinese Olympic teams. Meanwhile, the Group is looking to build Olympic training bases in addition to its undergoing sports town projects, for example, the extreme sports town in Hebei Province and the water sports town in Jiangsu Province.
Under the terms of their deal, the two sides also have plans to hold mass participation events as well as institutes for Chinese sports culture and increasing the impact of Olympic culture throughout the country.
Another company, Zhongshang Huatong Asset Management LTD. has also signed a similar partnership deal with the Chinese national sports governing body.
Proofread by William Logsdon