Evergrande buying streak continues with $2.1bn in China land deals

Evergrande Real Estate Group continued an aggressive buying spree with the purchase by one of its units of RMB13.5 billion (US$2.1 billion) in developments and loans from a subsidiary of New World China Land, Bloomberg reported, citing statements to the Hong Kong Stock Exchange. Evergrande’s unit will buy projects and loans in Hainan, Guangdong and Hubei as part of the deal, which follows purchases of the Mass Mutual Tower in Hong Kong for US$1.6 billion and a 50% stake in insurer Great Eastern Life Assurance’s Chinese joint venture. New World estimated it would make a net gain of close to US$850 million from the sales.