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China Evergrande dissolves some units of online marketplace

by Mike Robinson

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© Reuters. FILEPHOTO: A sign for China Evergrande Centre can be seen in Hong Kong China on September 23rd 2021. REUTERS/Tyrone Siu/File Photograph/File Foto

HONG KONG (Reuters – China Evergrande Group disassembled several Fangchebao district-level units (FCB) of its online automotive marketplace Fangchebao (FCB) due to declining capital and business. The report was published by Cailianshe, citing people close to the developer.

FCB was planning for an initial public offer (IPO) in late 2012 or early 2013. Evergrande, which sold 10% to 17 investors in March at $2.10billion for a prefinancing price of 150 billion yuan ($23.48billion), purchased 10 percent of the company.

Evergrande has not yet responded to the request for comment.

The most indebted real estate developer in the world, with over $300 billion in assets, is trying to raise funds to repay its creditors and contractors.

The company had planned to create new businesses, including a bottled water business and an FCB to help raise funds.

($1 = 6.3880 renminbi)

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