Chinese property giant Evergrande to invest big in high-tech sectors

BEIJING - Chinese real estate conglomerate Evergrande Group has partnered with the Chinese Academy of Sciences to invest in high-tech sectors, the company announced Monday.

The company plans to invest about 100 billion yuan ($15.84 billion) in the next decade in sectors including life sciences, aviation, quantum science, new energy, artificial intelligence, robotics, and modern agriculture.

The two parties will build three bases to attract and nurture top scientists and promote research and development as well as industrialization of research findings.

Evergrande Group saw its sales exceed 500.9 billion yuan last year, up 34.2 percent year on year. Late last month, the company said it will tap into high-tech sectors to complement its property, cultural tourism, and health businesses.

Investing in high-tech sectors is a major strategy for Evergrande Group to become a sustainable development enterprise, said Xu Jiayin, board chairperson of the Hong-Kong-listed company.