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

Tajammul Pangarkar
Tajammul Pangarkar

Updated · Oct 25, 2021

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October 25, 2021

(Reuters) – Shares in China Evergrande Group are set to open up more than 4% on Monday after the embattled property developer announced it planned to give future priority to its electric vehicles business over real estate.

China Evergrande New Energy Vehicle Group Ltd stock is set to open more than 11% higher.

Evergrande, reeling under more than $300 billion in liabilities, last week appeared to avert default with a last-minute bond coupon payment, buying it another week to wrestle with a looming debt crisis.

Evergrande chairman Hui Ka Yan said late on Friday that the company would aim to make its new electric vehicle venture its primary business instead of property within 10 years.

(Reporting by Donny Kwok; editing by Richard Pullin)

Source Link Evergrande, EV unit shares set to jump after chairman signals business shift

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Tajammul Pangarkar

Tajammul Pangarkar

Tajammul Pangarkar is a CMO at Prudour Pvt Ltd. Tajammul longstanding experience in the fields of mobile technology and industry research is often reflected in his insightful body of work. His interest lies in understanding tech trends, dissecting mobile applications, and raising general awareness of technical know-how. He frequently contributes to numerous industry-specific magazines and forums. When he’s not ruminating about various happenings in the tech world, he can usually be found indulging in his next favorite interest - table tennis.

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