Evergrande Real Estate Group has agreed to buy RMB20.4 billion (US$3.2 billion) in mainland projects from the family-controlled companies of Hong Kong billionaire Cheng Yu-Teng, Bloomberg reported, citing statements to the Hong Kong Stock exchange. The deal continues a buying spree by Evergrande and comes less than a month after it agreed to buy a separate batch of assets from Cheng’s New World China Land for RMB13.5 billion. Ties between Cheng and Evergrande chairman Hui Ka Yan date back to at least 2008, when the former’s family investment company was among a coalition that bought a US$506 million stake in the developer before its public listing.
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