June 25 (NBD) -- A subsidiary of Suning.com Co., Ltd. (002024.SZ) agreed to set up a 20-billion-yuan (3.1-billion-U.S. dollar) joint venture with China's leading real estate developer Evergrande Real Estate Group (Evergrande), the e-commerce company announced Sunday.

Suning's subsidiary will invest 9.8 billion yuan (1.5 billion U.S. dollars) in the joint venture for a 49 percent stake, and Evergrande will pay 10.2 billion yuan (1.6 billion U.S. dollars) for a 51 percent stake.

The new entity will primarily engage in the development and operation of shopping malls for the online and offline integrated business of Suning.com and will not involve in any real estate business.

Email: gaohan@nbd.com.cn