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" A man counts cash at an outlet of Huaxia Bank in Shenyang Duncan Keith Jersey , Northeast China's Liaoning Province. Photo: CFP
Guangzhou-based Evergrande Real Estate Group has paid 3.3 billion ($545.9 million) for a 4.522 percent stake in Huaxia Bank, and experts said Sunday it will help with financing and further diversification.


The purchase was completed between November 13, 2013 and January 24, 2014, according to a statement the company filed with the Hong Kong Stock Exchange on Friday.


The statement said the deal would build a win-win relationship between the two companies.


The strong financial performance of Huaxia Bank is another reason for the investment Patrick Kane Jersey , according to the company's statement.


The acquisition made Evergrande the fifth largest shareholder in Huaxia Bank, the Beijing News reported on Sunday.


Evergrande is not the first property developer to invest in the banking industry, Chen Guoqiang, deputy director of the China Real Estate Society, told the Global Times Sunday.


China Vanke Co Throwback Chicago Blackhawks Jerseys , China's largest real estate company in terms of revenue, invested $419 million in Huishang Bank in October 2013, becoming the biggest shareholder in the Hong Kong-listed bank.


Becoming a stakeholder in a bank can offer convenience and even preferential conditions for financing, which is crucial for real estate companies, Chen said.


Hui Jianqiang Custom Chicago Blackhawks Jerseys , research director with real estate information provider Beijing Zhongfangyanxie Technology Service, agreed with Chen, noting that property developers rely on land provided by the government and the ability to raise capital from different sources including bank loans.


Property developers have been facing greater difficulty with financing recently, Hui said, noting that it is not as easy as it used to be for real estate companies to get loans from banks.


Evergrande has not -revealed why it became a shareholder in Huaxia Bank Authentic Chicago Blackhawks Jerseys , but Chen speculated that it might develop financial services for the residential communities it builds, similar to what Vanke did after investing in Huishang Bank