Evergrande Buys Commercial Property in Guangzhou

Source: China Knowledge

Mainland property developer Evergrande Real Estate Group Ltd. on Friday said that it has agreed to spend RMB 1.9 billion for a commercial real estate property in Guangzhou from Kaisa Group Holdings Ltd., sources reported.

In a statement filed with the Hong Kong Stock Exchange, Evergrande said that the project has a sellable area of 92,783 square meters, consisting of a high-rising office building and retail stores.

The construction of the project is expected to be completed in December this year, said the firm.

Evergrande expected the project, which is located in the central area of Guangzhou, will bring it considerable return.

In the first half of this year, Evergrande realized RMB 1.94 billion in net profit, 11.93-fold more than the RMB 150 million it earned in the same period of last year, according to the firm's interim financial results.

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Editor: Jessie Huang