Evergrande’s Hui Ka-yan is now a banker too.
Guangzhou-based property developer Evergrande Group has brought its stake in China’s Huaxia Bank up to 5 percent from 4.522 percent in January, according to a statement filed by the bank with Shanghai Stock Exchange on Tuesday.
The latest announcement marks an increasing involvement by the property developer in the banking sector.
In late January, Evergrande said it had acquired a 4.522 percent stake of the Beijing-based financial institution for 3.3 billion yuan ($546 million).
In recent months, top-five China developer, which is owned by billionaire Hui Ka-yan has been getting creative about the world of finance.
In January, Evergrande conducted a controversial renegotiation of some of its outstanding bonds which appeared aimed at making it easier for the company to take on further debt.
During October of last year, Evergrande rival China Vanke Co, China’s largest real estate company in terms of revenue, invested $419 million in Huishang Bank, becoming the biggest shareholder in the Hong Kong-listed bank.
Leave a Reply