Pursuits
Evergrande Buys New World China Projects for $1.1 Billion
- Evergrande agrees to buy projects in multiple Chinese cities
- The developer raised money from Cheng-controlled companies
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Evergrande Real Estate Group Ltd. will buy 20.4 billion yuan ($3.2 billion) of projects in China from Hong Kong billionaire Cheng Yu-Tung’s family-controlled companies, extending an acquisition spree by the Chinese developer this year.
New World China Land Ltd. agreed to sell property in the Chinese cities of Guiyang and Chengdu for 7.3 billion yuan, Hong Kong-based New World China Land said in a statement to the stock exchange on Tuesday. In a separate statement, Evergrande said it will pay 13.1 billion yuan to buy five developments from Chow Tai Fook Enterprises Ltd., also controlled by the Cheng family.