Evergrande Unveils $2.4B Chinese Real Estate Project

Law360, New York (January 20, 2012, 2:57 PM EST) -- Evergrande Real Estate Group Ltd. will spend $2.4 billion on a tourism property project in the northeast China city of Harbin, Evergrande said Friday.

The announcement comes two days after the Hong Kong-based commercial and residential developer said in a regulatory filing that it was buying back a 40 percent outstanding stake in a Guangzhou residential development from a joint venture partner led by private equity giant Blackstone Group LP.

Evergrande said Friday that it had reached an investment agreement with Harbin's municipal government. Harbin is...
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