Evergrande completes New Media Group buyout

Mainland Chinese developer Evergrande Real Estate Group has completed its purchase of a 74.99% majority stake in New Media Group, whose controlling stake was previously owned by Albert Yeung's Emperor Group, with HK$950 million.New Media Group will be renamed Evergrande Health Industry Group pending shareholder approval. The written announcement of the purchase completion stated the new board of directors believes the renaming will provide the company with a fresh corporate identity and better reflect its new business strategy.According to Forbes' The World's Billionaires, Evergrande Real Estate Group chairman Xu Jiayin has a net worth of US$6.4 billion.