PHOTO: Real Estate giant Evergrande Group
China’s electric car market continues to grow, despite an overall slowdown in car sales. That’s drawn a somewhat unusual competitor into the field: real estate giant Evergrande Group, the country’s second-largest property developer by sales.
On Friday (March 15), the company’s Hong Kong-listed subsidiary announced it had acquired a 70% stake (pdf) in auto parts maker TeT Drive Technology Co. for 500 million yuan ($75 million). This follows a billion dollar acquisition this year alone of a carmaker and a battery manufacturer by the subsidiary, Evergrande Health Industry Group.
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