Evergrande Group Cashes Out USD400 Million to Focus on Property
Yicai Global
/SOURCE : Yicai
Evergrande Group Cashes Out USD400 Million to Focus on Property

(Yicai Global) Sept. 28 – Leading Chinese real estate company Evergrande Real Estate Group Ltd. [HKG:03333] has sold off all its subordinate businesses of grain and oil, dairy products and mineral water divisions for USD400 million (CNY2.7 billion) to focus on property and related businesses.

Evergrande said today it has signed agreements with several buyers. The selling prices for its grain and oil, dairy product and mineral water businesses are CNY300 million, CNY 600 million and CNY 1.8 billion, respectively.

Since April, Evergrande has engaged in property-related buying in capital markets. In mid-April, the company acquired 19.028 million shares in Langfang Development Co. [SHA:600149] for CNY291 million -- 5 percent of Langfang's total capital. In late April, Evergrande bought 52.78 percent of shares in China Calxon Group Co. [SHE:000918] at CNY3.61 billion, while in early Aug., it spent CNY9.11 billion to buy 4.68 percent of shares in China Vanke Co. [SHE:000002].

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