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