(Yicai Global) May 22 -- Property giant China Evergrande Group's electric vehicle project, which has CNY15 billion (USD2.1 billion) investment, started construction today in Huzhou in China’s southeastern Zhejiang province.

The project includes research and development centers for EV motors, batteries and autonomous driving technologies. It also includes a factory designed to produce 500,000 motors per year after completion, with an annual output value of CNY12 billion.

The center is just one of 22 projects that kicked off collectively in Huzhou today, whose total investment is CNY74.3 billion.

Evergrande is China's second-biggest property developer by sales. The Shenzhen-based firm sells apartments mostly to upper and middle-income dwellers. It became the world's most valuable real estate company in 2018.

Editor: Ben Armour