Sunvision Holdings Inc, a subsidiary of the Shanghai-based conglomerate Fosun International, signed an agreement with US infrastructure firm AECOM on Friday to establish a joint venture focusing on transit-oriented development (TOD) projects in the Chinese market.

The joint venture will specialize in the general planning, design and development of metro stations and urban complexes, with Sunvision holding the majority 51 percent stake and AECOM holding the rest. The two companies are currently studying possible projects in Zhejiang, Shaanxi, Yunnan, Chongqing, Guangdong, Hunan and Macao.

In urban planning, TOD maximizes the amount of residential, business and leisure space within walking distance of public transport. This increases public transport ridership and reduces the use of private cars.

Sean Chiao, president of AECOM Asia-Pacific, said that China's high-speed long distance and metro rail investments significantly raise the demand for rail-oriented TOD projects. Wen Xiaodong, Fosun Global Partner, said that the joint venture will facilitate vertical cooperation between upstream and downstream industries.

In September 2017, Fosun signed China's first public-private-partnership agreement for a high-speed rail project, the 269-kilometer Hangzhou-Shaoxing-Taizhou line in East China's Zhejiang province. The line is estimated to cost 44.9 billion yuan ($7 billion) and is scheduled for completion in 2021.

As a Fortune 500 company, AECOM has delivered numerous pioneering TOD projects all over the world, including topside development in the reconstruction of the World Trade Center in New York, the Crossrail (Elizabeth Line) in London, and the West Kowloon Terminus of the Express Rail Link in Hong Kong. It was also selected by the US space exploration technology company (SpaceX) to develop Hyperloop high-speed rail test tracks.