Evergrande invests for expansion
By Zheng Caixiong in Guangzhou | China Daily | Updated: 2018-09-25 07:44
'Most valuable real estate brand' gets controlling stake in auto sales firm
China's Evergrande Group, a Fortune 500 company, announced it has signed a strategic deal with Urumqi-based Guanghui Group to expand cooperation in developing automobile sales, energy, real estate, logistics and related industries in the coming years.
According to a statement Evergrande released on Sunday night, Guanghui will transfer 23.87 percent of its shares, valued at 6.68 billion yuan ($974 million), to Evergrande within seven working days.
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