Evergrande shifts focus to high-tech agri-business

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Evergrande Group office building in Shenzhen. Photo: AFP

Evergrande Group, China’s second-largest property developer by sales, has launched the Evergrande High-Tech Agricultural Group, following chairman Xu Jiayin’s stated mission to march into high-tech fields, The Paper reported.

The company said it will adopt the world’s most advanced intelligent and precise environmental control technology, big data, Internet of Things and intelligent machinery automation to achieve all-season and all-weather production.

Previously in 2014, Xu announced that the group would actively pursue the modern agriculture, dairy and animal husbandry industries, and the investment in these areas would exceed 100 billion yuan (US$15.86 billion).

However, in 2016, the Group then sold its businesses of mineral water, grain and oil, as well as dairy for 2.7 billion yuan.

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