Evergrande pays $307m for land in southern China
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.