Shanghai (ZXZC)- Chinese property developer China Evergrande Group and Zhengzhou Municipal Government recently signed an agreement for a NEV and power battery program, according to Zhengzhou Daily and the government's official website.

Aside from China Evergrande Group, Evergrande New Energy Vehicle Group and Evergrande New Energy Technology Group also involved in this signing ceremony. The latest cooperation means Evergrande is going to build its own car-building and battery base in Zhengzhou, capital of Henan Province.

The real estate giant has been frequently making layouts in automobile industry. On January 25, Evergrande New Energy Vehicle Co., Ltd was founded with a registered capital of $2 billion according to the record from tianyancha.com, a data search platform in China. The new company’s business scope extends to cover such areas as energy technology research, the wholesale and retail of auto parts, energy technology consultation as well as automobile leasing, etc. A month later, its name was changed to Evergrande National New Energy Vehicle Group Co.,Ltd.

At the same time, four wholly-owned subsidiaries of Evergrande New Energy Vehicle Co.,Ltd were established on January 28, including Evergrande National New Energy Vehicle Sales (Guangdong) Co.,Ltd, Evergrande National New Energy Vehicle Technology (Guangdong) Co.,Ltd and Evergrande National New Energy Vehicle (Guangdong) Co.,Ltd.