Ever­grande launches In­ter­net fi­nance ser­vice

The Pak Banker - - COMPANIES/BOSS -

BEI­JING: Ever­grande Group, one of the lead­ing prop­erty de­vel­op­ers in China, di­ver­si­fied its busi­ness by launch­ing an In­ter­net fi­nance ser­vice on Thurs­day. The com­pany's In­ter­net fi­nance ser­vice will cover In­ter­net pay­ment, sales of funds, and pre­paid cards as well as other fi­nan­cial prod­ucts, ac­cord­ing to the com­pany.

Ever­grande, which re­al­ized sales rev­enue of 201.3 bil­lion yuan ($30.98 bil­lion) in 2015, is­sued the first batch of on­line fi­nan­cial prod­ucts which range from three months to a year with an­nu­al­ized re­turn rates reach­ing 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 pro­jected to ex­pand to more than 17.8 tril­lion yuan in 2016.

Be­sides its back­bone 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.

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