August 16, 2018 / 5:47 AM / a month ago

China Evergrande invests in project to build world's fastest supercomputer

HONG KONG (Reuters) - Property developer China Evergrande Group on Thursday said it will invest 1.65 billion yuan ($239.53 million) into six high-tech projects by the Chinese Academy of Sciences, including one aimed at building the world’s fastest supercomputer.

FILE PHOTO: A logo of China Evergrande Group is displayed at a news conference on the property developer's annual results in Hong Kong, China March 28, 2017. REUTERS/Bobby Yip/File Photo

The other projects involve artificial intelligence, surgical robotics, unpiloted aircraft, health engineering and graphene. Together, the six projects have a current value of 4.6 billion yuan, Evergrande said in a statement.

The investment is the first from a total 100 billion yuan that Evergrande agreed with the academy to inject into high-tech sectors earlier this year.

Evergrande Chairman Hui Ka Yan first announced in March that the property developer would explore opportunities in high-tech sectors to drive growth.

It set up a subsidiary in April focusing on high-tech agriculture.

($1 = 6.8885 Chinese yuan renminbi)

Reporting by Clare Jim;; Editing by Christopher Cushing

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