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Evergrande pays $307m for land in southern China

by Andrea Waitrovich

China-based Evergrande Real Estate Group Co. is purchasing land in southern China from Hong Kong–listed Kingboard Laminates for approximately $306.6 million.

Kingboard Laminates will sell its 100 percent stake in Kingboard Digital Development to Evergrande, including the plot of land in Shenzhen.

Recently, Evergrande, which is China’s second-largest home builder, has been branching out into various non–real estate sectors including bottled water, healthcare and solar power. In April, the firm acquired a stake in the Shengjing Bank, expanding its footprint in the financial sector. In 2015, Evergrandeacquired Great Eastern Life Insurance and changed the group’s name to Evergrande Life Insurance.

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