(Yicai Global) April 9 -- China Evergrande Group, the country’s second-largest property developer by sales, today inked a cooperation agreement with Chinese Academy of Sciences, CAS, China’s top academic institution, to invest CNY100 billion (USD15.8 billion) in science and technology innovation over the next decade.
Evergrande and CAS held today a signing ceremony in the University of Chinese Academy of Sciences in Beijing’s Huairou district, news site 36kr reported. Both parties will set up a science and technology research base, a research incubator base, and a scientific research achievement industrialization base to support innovation in key areas such as life sciences, aerospace, new energy, artificial intelligence, and robotics, said Xu Jiayin, also known as Hui Ka Yan, chairman of Evergrande Group, at the ceremony.
Evergrande will leverage its advantages in sci-tech parks, industry resources and capital operations to promote the synergy of technology, industry and capital, said Bai Chunli, president of CAS. The two sides will also cooperate to nurture high-level scientific and technological talents and attract international talent to the three research bases.
Evergrande plans to actively explore high-tech industries this year to form an industrial chain based on property, with culture and tourism as the two wings, and the high-tech industries as the powerhouse, said Xu at Evergrande’s annual work conference on March 26.
His company currently controls more than 10 listed subsidiaries in real estate, finance, sports, internet and cultural tourism. Evergrande, which recorded about CNY500 billion in sales turnover last year, plans to realize a total asset value of CNY3 trillion by 2020.