Evergrande Real Estate Group, one of China’s largest property development companies, has launched an ambitious plan to expand into the insurance sector, after taking a stake in a joint-venture insurer. Evergrande Nanchang, an indirect wholly-owned subsidiary, will pay USD617 million for a 50% stake in Great Eastern Life Assurance (China) Co – a Chongqing-based joint venture originally formed between the city’s government and Singapore, which offers life, health and accident cover. Zhao Dongmei, who will chair the life insurance business, said Evergrande’s high-profile brand and large number of customers created a solid foundation for business growth, setting a target of more than CNY100 billion in business by the end of 2018. Reuters reported that Evergrande will promote the insurance services in its more than 300 new housing developments. It said Evergrande will buy the shares held by the Chongqing City Construction Investment (Group) Co and the Chongqing Land Group. The Chongqing Casin Group Co and Great Eastern Life Assurance will each retain their 25% holdings. Based in Guangzhou, Evergrande has tapped into other sectors including bottled water, sports, medicine and culture, the China Daily reports.