Evergrande EV unit set for $3.6 bln gain from liability transfer – Reuters

April 24 (Reuters) – Embattled property developer China Evergrande Group (3333.HK) said its listed electric vehicle arm will book a $3.6 billion gain from the transfer of two debt-laden companies to another group unit as part of the auto firm’s restructuring.

With more than $300 billion in total liabilities including offshore debt, Evergrande has been at the centre of a property debt crisis in which multiple Chinese developers defaulted over the past year.

Evergrande has touted the EV arm as key to its transformation plans. Chairman Hui Ka Yan vowed last year to shift the group’s primary business within 10 years from real estate to the automobile venture, and to make 1 million vehicles a year by 2025.

The restructuring, published in an Ev…

Read the full article at: https://www.reuters.com/world/china/china-evergrande-unit-sell-two-businesses-part-restructuring-2023-04-24/