Evergrande in talks to buy British Cala

China Evergrande Group, China's second-largest property developer, is in "early stage" talks to buy Cala Homes, a person familiar with the upmarket British housebuilder said.

Edinburgh, Scotland-based Cala Homes, which is owned by insurer Legal & General and real estate managers Patron Capital, was being advised on the offer by investment bank Lazard, its long-term advisor, the person said.

Sky News, which first reported on the approach, said Evergrande's offer could be worth close to 700 million pounds ($856 million).