China Evergrande’s EV unit shares surge on business shift, Evergrande sinks

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The corporate brand is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Track

HONG KONG, Oct 26 (Reuters) – Shares in China Evergrande Group’s electrical automobile (EV) unit rose as a lot as 5.8% early on Tuesday, extending beneficial properties from the day past because the cash-strapped developer stated it could prioritise the expansion of its EV enterprise.

China Evergrande , nevertheless, reversed early beneficial properties and fell greater than 6%.

China Evergrande, reeling underneath greater than $300 billion in liabilities, averted a expensive default final week with a last-minute bond coupon fee, shopping for it extra time to go off a looming debt crunch with its subsequent main fee deadline on Friday.

Reporting By Donny Kwok; Writing by Anne Marie Roantree
Enhancing by Shri Navaratnam


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