China Evergrande Group raised about HK$10.6 billion ($1.4 billion) selling shares in its electric vehicle unit, boosting capital at the nation’s most indebted developer.
The sale amounts to about 2.7% of outstanding shares in China Evergrande New Energy Vehicle Group Ltd., the real estate firm said in a filing to the Hong Kong stock exchange on Thursday. Evergrande NEV tumbled as the shares were sold at a 20% discount.
Evergrande is trying to repair its balance sheet in line with Chinese regulators’ efforts to deleverage the property sector. The…
Connect with us on our socials: