BEIJING: Evergrande Real Estate Group Ltd, China’s third-largest developer, bought a 50% stake in Great Eastern Life Assurance Co’s Chinese joint venture for 3.9 billion yuan (US$610mil) to diversify into insurance.
The insurance regulator approved the purchase and Great Eastern Life Assurance (China) Co will be renamed Evergrande Life Insurance Co, the homebuilder said in a filing to the Hong Kong stock exchange on Sunday. The price was more than twice the 1.6 billion yuan asking price when the stake was offered for sale in August at a local exchange in the southwestern city of Chongqing, where the insurer is based, according to sale documents.
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