The performance of physical assets has become a major determinant success factor for urban flood control. However, managing these assets is always challenging as there are a huge number of diverse assets involved, which are distributed throughout the city, and owned by different agencies. Aiming at improving the management efficiency of these assets, and ensuring their performance, this paper proposes the concept of cloud asset based on cloud computing, mobile agent, and various smart devices. Through hardware integration and software encapsulation, cloud asset could sense its real-time status, adapt to varied working scenarios, be controlled remotely, and shared among agencies. It enables accurate real-time control of every asset, and thus improves the management efficiency and effectiveness. This paper first presents the concept of cloud asset with its technical architecture, and then analyses the software agent model for cloud asset, which is the key enabler to realize UPnP (Universal Plug and Play) management of assets, and provides mobility and intelligence for them. After that, the framework of cloud asset-enabled workflow management is built, in which cloud asset could be easily found and dynamically invoked by different workflows. Finally, a demonstrative case is provided to verify the effectiveness of cloud asset.