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Suning buys stake in Evergrande unit
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Suning Commerce Group said today it invested 20 billion yuan (US$2.9 billion) for a 4.7 percent stake in Hengda Real Estate, a subsidiary of Evergrande Group, according to a latest stock exchange filing.
Suning would invest through its wholly-owned unit Nanjing Runheng Enterprise Management.
Suning Holding Co and Hengda Real Estate have also signed a strategic deal to collaborate in a number of areas including commercial property development, infrastructure supply chain, financial services, smart home devices and property sales.
The Suning investment is also part of Hong Kong-listed Evergrande's efforts to draw new investors into its real estate subsidiary which has seen a total capital injection of 130 billion yuan for 36.5 percent stake of its enlarged equity interest.
Suning also said it aims to add 5,000 retail stores and community service centers closer to neighborhoods by the end of 2018 to provide value-added delivery and after-sales service.
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