China Evergrande to pay $2.1b for minority stake in Guanghui Group

Property developer China Evergrande Group has paid $2.1 billion for a minority stake, 40.96 percent, in Guanghui Group, becoming the second-biggest shareholder in a company focused on energy and vehicle sales businesses.

Guanghui currently markets 57 car brands at its 737 dealerships across China and is the world’s largest BMW dealer.

The two companies look to work together in the fields of vehicle sales, energy, real estate and logistics.