(Yicai Global) Nov. 7 -- Chinese holding firm Evergrande Group has become the second-biggest shareholder in Guanghui Group, a conglomerate that operates energy, automotive and real estate businesses.
Evergrande has transferred CNY7.8 billion (USD1.1 billion) to Guanghui as part of the deal, as well as CNY6.7 million by way of equity transfer, the Guangzhou-based firm said in a statement.
The pair will speed up their cooperation efforts following the deal. Xinjiang-based Guanghui's listed units include Guanghui Energy, Guanghui Auto and Guanghui Logistics. The parent firm remains their controlling shareholder.
Guanghui is one of the biggest car dealers in China with its affiliates China Grand Automotive Services and Grand Baoxin Auto Group. In June, Evergrande invested in another car venture Faraday Future, led by controversial businessman Jia Yueting.
Editor: William Clegg