(Yicai Global) Sept. 25 -- China Evergrande Group, one of the country's largest real estate developers, will spend CNY14.5 billion (USD2.1 billion) for a stake in Xinjiang Guanghui Industrial Investment Group to expand into vehicle sales, energy and logistics two months after investing in electric carmaker Faraday Future.
Evergrande will become the second-largest shareholder in Guanghui, one of China's biggest car dealers, after taking an almost 41 percent stake in the privately held firm, the Shenzhen-based developer said in a statement on Sept. 23. Evergrande will buy shares in Guanghui and increase its capital.
In June, a listed unit of Evergrande invested in US auto startup Faraday Future, led by Chinese internet entrepreneur Jia Yueting. Shares of Evergrande Health Industry Group skyrocketed after the announcement as investors welcomed the diversification.
Guanghui's car dealing affiliates are China Grand Automotive Services and Grand Baoxin Auto Group. It also has business in real estate, energy and logistics. The latter two are new sectors for Evergrande.
Editor: Emmi Laine