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Evergrande boosts stake in Shengjing Bank for 10.02B yuan

said it acquired further shares in ShengjingBank Co. Ltd. for roughly 10.02 billion Chinese yuan.

The developer bought 1,001,680,000 Shengjing domestic sharesthrough five separate agreements, bringing its stake in the Chinese bank to 27.24%from 5.59% in February.

On April 28, an Evergrande subsidiary signed acquisition agreementswith Shenyang Tonglian Group Co. Ltd., Shanghai Guozheng Investment Management Co.Ltd., Beijing Zhaotai Group Co. Ltd., Tibet Fansheng Investment Management Co. Ltd.and Tibet Jinduo Investment Management Co. Ltd.

In total, the vendors held about 17.28% of the total share capitalof Shengjing Bank in issue as at March 31.

Evergande cited the bank's "on-going outstanding performance"for the acquisition.

Recently, the developer's shopping in China has led to that it might decampto a mainland exchange and delist in Hong Kong. Shengjing Bank, on the other hand,unveiled plans to issueTier 2 capital bonds amounting up to 6 billion yuan.

As of April 27,US$1 was equivalent to 6.50 Chinese yuan.