Evergrande to pick up 50% stake in JV insurer

Property major's diversification sets 2018-end goal of 100b yuan in business

Evergrande Real Estate Group Ltd, one of China's largest property development companies, has launched an ambitious plan to expand into the insurance sector, after taking a half stake in a joint-venture insurer.

Evergrande Nanchang, an indirect wholly owned subsidiary, will pay $617 million for a 50 percent stake in Great Eastern Life Assurance (China) Co Ltd - a Chongqing-based joint venture originally formed between the city's government and Singapore, which offers life, health and accident cover.