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Rediff.com  » Business » China's Alibaba agrees to buy 50% stake in Guangzhou Evergrande soccer club

China's Alibaba agrees to buy 50% stake in Guangzhou Evergrande soccer club

June 05, 2014 15:18 IST

AlibabaChina's Alibaba Group Holding has agreed to buy a 50 per cent stake in Guangzhou Evergrande Football Club, Alibaba's chairman Jack Ma and Xu Jiayin, chairman of the Evergrande group, said at a media conference on Thursday.

The companies did not immediately give a figure for the investment, but Chinese state media reported earlier on Thursday it would total 1.2 billion yuan ($192 million).

($1 = 6.2504 Chinese Yuan Renminbi)

Paul Carsten in Beijing
Source:
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