April 9, 2018 / 2:43 PM / in 9 months

China developer Evergrande to invest $16 bln in high-tech sectors

HONG KONG, April 9 (Reuters) - Chinese property conglomerate China Evergrande Group said on Monday it had signed an agreement with the Chinese Academy of Sciences to invest 100 billion yuan ($16 billion) in high-tech sectors. The property developer, China’s third-biggest by sales, plans to invest the amount in the next 10 years in sectors, such as life sciences, aviation, quantum science, new energy, artificial intelligence (AI), robotics and modern agriculture.

“This comprehensive cooperation between Evergrande and the Chinese Academy of Sciences will form a strong combination of technology innovation,” Evergrande Chairman Hui Ka-yan said in a statement on its website www.evergrande.com.

The two parties also aim to build three bases to attract and nurture top scientists and promote research and development, Evergrande said.

Late last month, Hui told reporters at Evergrande’s annual results news conference that the company was interested in high technology sectors to complement its property, cultural tourism, and health businesses.

Evergrande aimed to break into the world’s top 100 companies by revenue within three years, targeting sales of 800 billion yuan and assets of 3 trillion yuan by 2020.

$1 = 6.3055 Chinese yuan renminbi Reporting by Twinnie Siu; Editing by David Evans

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