Home appliance and electronics retailer Suning.com Co. and Evergrande Group have agreed to set up a $20 billion yuan ($3 billion) joint venture to develop commercial complexes for entertainment and retail.
Suning will invest 9.8 billion yuan ($1.5 billion) for a 49 percent stake in the new Shenzhen-based venture, while Evergrande will pay 10.2 billion yuan ($1.56 billion) for a 51 percent stake.
The joint venture, named Shenzhen Hengning Commercial Development, aims to develop and operate suning.com.
The joint venture will help Suning achieve its goal of having 300 plazas by 2020, which was announced last December.
