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Evergrande Real Estate Group to buy property assets for $3.2 billion

Staff writer |
Evergrande Real Estate Group has agreed to buy mainland property assets in cities including Shanghai and Beijing from New World China Land for 20.4 billion yuan ($3.2 billion).

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Evergrande will buy a 60 percent stake in a commercial and residential development in Sichuan province and a project comprising hotel, residential and office buildings in Guizhou province from New World China Land, which is controlled by Cheng, for 7.3 billion yuan.

In a separate statement, Evergrande said it would buy properties and commercial-residential land in Shandong province from Chow Tai Fook Enterprises for 2 billion yuan and a low-density residential land in Shanghai for 3.5 billion yuan.

Evergrande also agreed to buy a luxury residential project in Beijing from Chow Tai Fook for 7.6 billion yuan.

Evergrande said it would finance the deals through internal resources and with the proceeds from its just completed issue of $1.5 billion perpetual securities to companies including Chow Tai Fook, New World Development and New World China.

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