Property developer Evergrande Real Estate has agreed to buy an additional 10 billion yuan ($1.5 billion) worth of stakes in Shengjing Bank, the firm said during a filing at the Hong Kong Stock Exchange on Thursday.

Evergrande said it would purchase 1 billion shares via a subsidiary from five local shareholders of Shengjing Bank, raising its shares to 27.2 percent.

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"The acquisition is expected to generate high investment [returns] and will prove to be a reasonable investment," Hui Ka Yun, chairman of Evergrande, said during the filing.

Evergrande will pay a rate of 10 yuan ($1.54) per share, equivalent to a nearly eight percent premium on the bank's closing price at 9.27 yuan ($1.43) on Wednesday.

The deal follows a month after the developer recently bought 5.59 percent of the bank amounting to 3.25 billion yuan ($502.72 million).

"It's mainly an equity investment. Investing in a bank doesn't mean much to Evergrande's business," Kevin Leung, Haitong International Securities' director of global investment strategy, said. "I don't think the deal will create synergies or real business between the two companies," he told Finance Asia.

The Guangzhou-based firm has been on a shopping spree lately, causing its debts to pile up. According to analysts, it seems that Evergrande wants to improve its bank access for future funding, and securing over 20 percent of the stake means it is entailed to receive a record share of Shengjing Bank's profit as a major shareholder, the China Daily reported.

"Becoming a major shareholder of a bank helps Evergrande gain easier access to funding," Rose Lee, Bank of China Hong Kong Ltd. credit analyst, said."It seems like the company is aiming to have a controlling stake in the bank eventually, forming its own 'Evergrande bank'."

TagsShengjing Bank, Evergrande, Hong Kong Stock Exchange, china, real estate, investment