China's Alibaba agrees to buy 50pc stake in Guangzhou Evergrande soccer club

Published June 5, 2014 Updated June 5, 2014 05:27am

1 min

By Shoaib Ur Rehman

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BEIJING: China's Alibaba Group Holding has agreed to buy a 50 percent stake in Guangzhou Evergrande Football Club, Alibaba's chairman Jack Ma and Xu Jiayin, chairman of the Evergrande group, said at a media conference on Thursday.

The companies did not immediately give a figure for the investment, but Chinese state media reported earlier on Thursday it would total 1.2 billion yuan ($192 million).

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