Evergrande launches an Internet financing service
Featured players from the Guangzhou Evergrande Taobao Club, jointly owned by Evergrande Group and Alibaba Group, pose for photos during the Evergrande Internet Financial Service launch ceremony in Guangzhou, capital of Guangdong Province, March 17, 2016. (Photo by Qiu Quanlin / chinadaily.com.cn)
Evergrande Group, one of the main real estate developers in China, diversified its activity by launching an Internet financing service on Thursday.
The company’s internet finance service will cover internet payments, fund sales and prepaid cards, and other financial products, according to the company.
Evergrande, which had 2015 revenue of 201.3 billion yuan ($ 30.98 billion), released the first batch of online financial products ranging from three months to one year with rates of return annualized up to eight percent.
According to the company, the internet finance service will help boost the company’s overall business in the future, as China’s internet finance industry is expected to reach over 17.8 trillion yuan in 2016.
Besides its core real estate business, Evergrande, based in Guangzhou, the capital of Guangdong province, has also entered several sectors, including agriculture, insurance, culture, sports, health and finance.