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
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.