Shanghai (ZXZC)- Guangzhou Xiaopeng Motors Investment Co.,Ltd and Zhaoqing Hi-tech Zone Construction Investment Development Co.,Ltd founded a house property company on May 17, according to an investment record from Qichacha, a Chinese enterprise data search platform.

“XPENG Motors has no intention of making inroads into real estate domain. The new company is set up for future daily operation of our Zhaoqing plant,” the startup said on May 24 via its official WeChat account.

The newly-built company, dubbed Zhaoqing Kunpeng Real Estate Development Co.,Ltd (Zhaoqing Kunpeng), involves a total registered capital of RMB474 million, among which RMB350 million is subscribed by Guangzhou Xiaopeng Motors Investment Co.,Ltd. Its legal representative is Xia Heng, co-founder and president of XPENG Motors, who also held posts of chairman and general manager of the new property company. 

According to Qichacha’s record, the business scope of Zhaoqing Kunpeng extends to cover real estate development and operation, civil engineering receiving, property management, building decoration engineering, corporation management service, real estate rental operation, property consultation, and other businesses. 

XPENG Motors announced on May 4, 2017 that its vehicle plant was located in Zhaoqing, Guangdong Province. The program will be constructed in three phases, with the first two phases involving a total planned investment of RMB10 billion. The first phase is set to output 100,000 vehicles per year. Based on the schedule set beforehand, the Zhaoqing plant will start trial production in the third quarter of the year.