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Evergrande accelerates investment in real estate sector

CCTV.com

08-05-2016 16:30 BJT

China's conglomerate Evergrande Group has accelerated its pace in investing China's booming real estate sector.

The company has been buying shares of China's largest home developer Vanke since the latter resumed trading. The average cost per share for Evergrande's stake in Vanke was 17.6 yuan. That's about one yuan higher than Vanke's lowest share price since it resumed trading.

In April, Evergrande made a tender offer to buy 53 percent of Calxon, a local home developer, becoming the company's controlling shareholder. Share prices of Calxon surged 75 percent since it resumed trading.

Evergrande also eyed Langfang Development, which focuses on construction in the cities surrounding Beijing. Evergrande has a 10-percent stake in Langfang.

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