Evergrande buys insurer as China developer diversifies
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Beijing
EVERGRANDE Real Estate Group, China's third largest developer, has bought a 50 per cent stake in Great Eastern Life Assurance's Chinese joint venture for 3.9 billion yuan (S$866.2 million) to diversify into insurance.
The insurance regulator approved the purchase and Great Eastern Life Assurance (China) will be renamed Evergrande Life Insurance, the homebuilder said in a filing to the Hong Kong stock exchange on Sunday.
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