Evergrande Group pours $17.32b in Shenyang

Chinese real estate giant Evergrande Group is dramatically scaling up its investments in Shenyang, capital city of Northeast China’s Liaoning province, with plans to pour in 120 billion yuan ($17.32 billion) in the upcoming years, according to an agreement signed with the government of Shenyang on June 15.

The investment will flow into new energy vehicles, cultural tourism and healthcare.

It will highlight investment on new energy vehicles, as Shenyang is a leading vehicle manufacturing base in China with solid equipment manufacturing base, strong spare parts supporting capacity and complete automobile industry system.

According to Evergrande Group’s investment plan, its subsidiary Evergrande Guoneng Newenergy Vehicle Investment Holding Group will be responsible for a new energy vehicle project, Evergrande Newenergy Technology Group will be responsible for a new energy battery project, Evergrande Energy Technology will invest a hub motor project, Evergrande Tourism Group will invest in a water recreational project named “Evergrande Water World”, and Evergrande Heath Group will focus on a "Evergrande Healthy Land" project, filling the gap of China in health services and elderly care.

According to Evergrande Group’s investment plan, its subsidiary, Evergrande Guoneng Newenergy Vehicle Investment Holding Group will be responsible for a new energy vehicle project. The Evergrande Newenergy Technology will be responsible for a new energy battery project and Evergrande Energy Technology will invest in a hub motor project. Evergrande Tourism Group will invest in a water park named“Evergrande Water World”, and Evergrande Health Group will focus on the "Evergrande Healthy Land" project, filling a gap in China's in health and social care services.

The government of Shenyang and China’s real estate giant Evergrande Group signs a strategic cooperation agreement on June 15. [Photo/China Daily]

A meeting between the government of Shenyang and China’s real estate giant Evergrande Group is held in Shenyang, capital city of Northeast China’s Liaoning province, on June 15. [Photo/China Daily]

A vehicle production line in Shenyang’s vehicle manufacturing base [Photo/China Daily]