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Business deals

Chinese developer Evergrande raises bet on electric cars

Indebted property giant spends $930m to purchase Swedish automaker

Evergrande Health will buy the shares of National Electric Vehicle Sweden (NEVS) from a third party.   © Reuters

GUANGZHOU -- Real estate developer China Evergrande Group will purchase a majority stake in automaker National Electric Vehicle Sweden for $930 million as it steps up its diversification into the green-car field.

Subsidiary Evergrande Health Industry Group will purchase 51% of the Sweden-based carmaker from third-party holding company Kerryman Holdings by the end of the month.

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