Evergrande launches infant formula product

Evergrande Group, a Chinese private conglomerate involved in property development, agriculture and sports, launched an infant formula on Monday following its acquisition of New Zealand dairy producer Cowala Dairy Ltd. last month.

The Guangzhou-based group also plans to build a dairy manufacturing base in China to tap the lucrative market. Chinese consumers have preferred to buy foreign brands following a series of tainted milk scandals in recent years.

The infant formula product under the name Cowala will hit the market nationwide soon, according to an announcement at its launch ceremony on Monday.

The Evergrande Group, which runs China's most successful football club, Guangzhou Evergrandetaobao Football Club, appointed three players to serve as global promotion ambassadors for Cowala infant formula on Monday.

The group, established in 1997, made its fortune through real estate development, but has been diversifying its business in recent years by investing in agriculture, cultural tourism, dairy, livestock and sports.

The group's sales in 2013 reached 100.4 billion yuan (16 billion U.S. dollars), while sales in the first eight months of 2014 reached 90 billion yuan, according to its official website.