" A man counts cash at an outlet of Huaxia Bank in Shenyang Nike Hyperadapt Comprar , Northeast China's Liaoning Province. Photo: CFP
Guangzhou-based Evergrande Real Estate Group has paid 3.3 billion ($545.9 million) for a 4.522 percent stake in Huaxia Bank, and experts said Sunday it will help with financing and further diversification.
The purchase was completed between November 13, 2013 and January 24, 2014, according to a statement the company filed with the Hong Kong Stock Exchange on Friday.
The statement said the deal would build a win-win relationship between the two companies.
The strong financial performance of Huaxia Bank is another reason for the investment, according to the company's statement.
The acquisition made Evergrande the fifth largest shareholder in Huaxia Bank Nike Hyperadapt Baratas , the Beijing News reported on Sunday.
Evergrande is not the first property developer to invest in the banking industry, Chen Guoqiang, deputy director of the China Real Estate Society, told the Global Times Sunday.
China Vanke Co, China's largest real estate company in terms of revenue, invested $419 million in Huishang Bank in October 2013 Nike Hyperadapt España Baratas , becoming the biggest shareholder in the Hong Kong-listed bank.
Becoming a stakeholder in a bank can offer convenience and even preferential conditions for financing, which is crucial for real estate companies, Chen said.
Hui Jianqiang, research director with real estate information provider Beijing Zhongfangyanxie Technology Service, agreed with Chen, noting that property developers rely on land provided by the government and the ability to raise capital from different sources including bank loans.
Property developers have been facing greater difficulty with financing recently Nike Hyperadapt España , Hui said, noting that it is not as easy as it used to be for real estate companies to get loans from banks.
Evergrande has not -revealed why it became a shareholder in Huaxia Bank, but Chen speculated that it might develop financial services for the residential communities it builds, similar to what Vanke did after investing in Huishang Bank.
By investing in Huishang, Vanke planned to provide financial services for its communities, news portal sina reported Saturday Hombre Nike Hyperdunk X Negras Blancas España , noting that the services included setting up banks in communities and selling asset management products.
Partners of property developers such as suppliers also need financial services, so cooperation with banks could bring these clients to the banks, according to Chen.
Investment in Huaxia Bank is the latest step in Evergrande's diversification strategy. It is already the owner of Guangzhou Evergrande Football Club, and has set up animation companies and launched its own bottled water brand, Evergrande Spring.
Evergrande Spring was launched on November 9, 2013 Hombre Nike React Hyperdunk Flyknit Pale Grises Plata España , just after Guangzhou -Evergrande won the 2013 Asian Football Confederation Champions League. From then to January 12, Evergrande has received orders for the water worth 5.7 billion yuan, -according to its website.
Selling bottled water -appeared to have little connection with the real estate industry, but Evergrande utilized its resources by building sales outlets in its real estate projects, Chen said, suggesting that diversification should be built around a company's existing advantages.
Diversification will also be a trend for property developers to hedge against risks in the real estate market Hombre Nike Odyssey React Negras Blancas España , with further moves expected in promising areas such as finance and cultural projects, according to Hui.
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KAPCHORWA, Uganda, Sept. 20 (Xinhua) -- Perched on the undulating hills in Kapchorwa district, eastern Uganda, is Kokop Chebet's mud and wattle house. Not far from her house Mujer Nike Epic React Flyknit Grises Blancas España , a strong water fall roars as the setting sun sinks into the horizon.
Chebet is a 'traditional surgeon' involved in the now outlawed Female Genital Mutilation (FGM). FGM, a centuries' old tradition in this part of the country, involves the cutting of the outer genitalia of young girls and women aged from 12 and above.
Among the Sabiny people here, it is seen as an initiation of girls into womanhood. Once it is done, the girls are then ready for marriage.
The World Health Organization says FGM has both physical and emotional consequences among which include severe bleeding, infections Hombre Nike Epic React Flyknit Grises Blancas España , infertility as well as complications in childbirth and increased risk of newborn deaths.
For the last six decades, Chebet has been involved in the cutting of young girls.
She is struggling to break away from a custom that is also her source of livelihood. She cuts women for a fee between 20,000 shillings (5 U.S. dollars) to 50,000 shillings (14 dollars).
For Chebet, her involvement in FGM is spiritual. She told Xinhua that she started carrying out FGM after getting express instructions from her ancestors.
Girls and women in this village testify to this, arguing that there is a spell that comes over them demanding that they should undergo the cutting process.
Twenty one year old Rachael Chemutai Hombre Nike Hyperadapt 1.0 Tinker Azules Negras España , a mother of three told Xinhua that it was hard to defy her elders who instructed her and her peers to undergo the process.
Chebet who is also a traditional birth attendant said many pregnant mothers come to her house seeking antenatal care. She said under the guise of giving birth, they ask her to circumcise them.
Chebet argued that she constantly debates with herself whether to abandon the practice owing to the pressures from government and activists or go on as her spiritual ancestors ordered.
Uganda in 2010 outlawed FGM and if the culprits are arrested and prosecuted, they face a jail term of between four to five years.
It is this cultural clash that is continuing to pause a daunting task in the fight against FGM.
Activists argue that they now have to raise an attitude change towards FGM.
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