(ECNS) -- Evergrande Group, one of the leading property developers in China, will end its business in fast-moving consumer goods and focus on the group's core sector of real estate development and finance, reported 21st Century Business Herald.
The group said in a statement that it would sell its business equity in cooking oils, dairy products and mineral water for 600 million yuan ($89 million), 300 million yuan and 18 million yuan, respectively, bringing total asset sales to 2.7 billion yuan.
Companies including Sunlight Property Management Ltd and Lipu (Hong Kong) Ltd. are on the list of buyers.
Evergrande's trademark will continue to be used for five years following the completion of transactions, but buyers cannot expand use of the trademark range or give authorization to others, the statement said.
The move is an adjustment of Evergrande's diversification strategy, insiders said. Its consumer goods business has not performed well in the past three or four years and has become an encumbrance to the group's development.
The group intends to focus on real estate and financial businesses in future.
