Nov. 17, 2009 (China Knowledge) - Evergrande Real Estate Group Ltd, a Guangzhou-based property enterprise that debuted on the main board on the Hong Kong Stock Exchange on Nov. 5, has started building its first large-scale property project in Tianjin, sources reported.

The mixed-use property project, which will comprise residential properties and hotels, will cost over RMB 10 billion and cover a land area of 1,350 Mu.

Reportedly, the company issued 1.61 billion shares, an amount equivalent to 10.8% of its enlarged capital, and raised around HK$6 billion from the initial public offering in Hong Kong.

Evergrande Real Estate reaped RMB 12.7 billion in sales revenue in the first half of this year. It started construction on 10.06 million square meters of properties during the period and intends to start construction on another 5 million sq m in the second half, according to an earlier report from China Knowledge.