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Evergrande, EV unit shares set to jump after chairman signals business shift -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO A traffic light can be seen at the China Evergrande Group headquarters in Shenzhen (Guangdong Province, China) September 26, 2021. REUTERS/Aly SONG/File Photo

(Reuters] – China Evergrande Group’s shares will rise by more than 4% after the property developer, which is in trouble, announced that it plans to prioritize its electric vehicle business over realty.

China Evergrande New Energy Vehicle Group Ltd shares are expected to rise by more than 11%

Evergrande was reeling from more than $300 billion of liabilities. Last week, Evergrande appeared to avoid default by making a late bond coupon payment. This gave it the ability to continue to deal with an looming debt crisis.

Hui Ka Yan (chairman Evergrande) said Friday late that Evergrande would try to turn its electric vehicle business into its primary business within the next ten years.

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