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Evergrande Taps New Tycoons for EV Unit Worth More Than Ford

  • Billionaire Hui turns to new backers for car division funding
  • Three of six buyers in share sale bought stakes in other units
Hui Ka Yan
Hui Ka YanPhotographer: Paul Yeung/Bloomberg
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Chinese billionaire Hui Ka Yan has moved beyond his poker pals to finance expansion at his debt-laden empire.

The chairman of China Evergrande Group tapped new tycoons with links to his other real estate ventures to raise billions for an electric-vehicle startup that’s now worth more than Ford Motor Co. -- all without any mass production of cars.