Evergrande increases stake in bank

Guangzhou-based property developer Evergrande Group has brought its stake in Huaxia Bank to 5 percent from 4.522 percent in January, according to a statement filed by the bank with Shanghai Stock Exchange on Tuesday.

The latest announcement marks an increasing involvement by the property developer in the banking sector.

In late January, Evergrande said it had acquired a 4.522 percent stake in Huaxia Bank for 3.3 billion yuan ($546 million).

China Vanke Co, 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.