Evergrande Pays $546M On Market For Stake In Chinese Bank

Law360, New York (January 27, 2014, 7:05 PM EST) -- Chinese real estate company Evergrande Real Estate Group Ltd. has paid 3.3 billion Chinese yuan (US$546 million) to acquire a stake in Chinese bank Hua Xia Bank Co. Ltd , the company said Friday.

Evergrande has acquired 4.522 percent of the available share capital of Hua Xia through purchase of the bank’s shares on the market between Nov. 13, 2013, and Friday, Jan. 24, 2014, the company said in a regulatory disclosure statement Friday. Evergrande said it purchased the stake for an aggregate 3.3025 billion yuan,...
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