Investors consortium to acquire a 10% stake in Fangchebao from Evergrande for $2.1bn.

Investors consortium agreed to acquire a 10% stake in Fangchebao, an online real estate and automobile marketplace, from Evergrande, a property developer, for $2.1bn. Investors include investment vehicles and investment firms like JMC Capital, Anatole Investment and CITIC Capital. The group intends to apply the proceeds from the sale of the Fangchebao shares for the group’s general corporate use and the proceeds from the issuance of the new Fangchebao shares for the business development and general corporate use of the Fangchebao.