Evergrande sets sights on high-tech industry
Major property developer to explore aerospace, artificial intelligence, stem cells and the Internet as possible targets
Chinese real estate giant Evergrande Group will begin to actively explore the high-tech industry strategically in 2018, said Xu Jiayin, chairman of the group, The Paper reported.
Though Xu did not give a specific explanation of which high-tech areas they plan to explore, Xu said the sector they enter must be a big one. “If we invest 20 to 30 million yuan, it is a small industry,” Xu added.
For example, aerospace, artificial intelligence, stem cells and the Internet will be taken into consideration, according to Xu.
Entering the high-tech industry is part of the group’s new blueprint. It also aims to accumulate more than 3 trillion yuan in total assets, with a total 800 billion yuan in housing sales by 2020.
According to its financial statement, total assets in 2017 were listed as 1.76 trillion yuan and the amount of sales recorded hit 500.96 billion yuan, an increase of 34.2% from 2016.