Evergrande Group, a Guangzhou-based real estate developer, launched a dairy product on Monday in Guangzhou, the capital of Guangdong province, as part of its efforts to diversify its businesses.

The infant formula was announced after Evergrande bought New Zealand's leading dairy producer Cowala Dairy Limited in early September.

Evergrande, which has relied heavily on real estate for business growth since its establishment in 1997, has outlined an ambitious plan to enter the consumer sector to sustain future development, said Xu Wen, vice president of Evergrande.

After launching bottled water in late 2013, Evergrande also set up three subsidiaries in September to develop businesses in the grain and oil, dairy and animal husbandry, according to company sources.

"We are bringing high-quality dairy products to the Chinese market, which will help us maintain future growth," said Xu.

Evergrande set to score again with bottled water	Evergrande buys share in Huaxia Bank