Evergrande Raises $1.4 Billion Selling Shares in EV Unit
- Boosts capital for China’s most indebted property developer
- Evergrande NEV tumbles as shares are sold at 20% discount
China Evergrande's Hengchi 6 and 9 electric vehicles.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China Evergrande Group raised about HK$10.6 billion ($1.4 billion) selling shares in its electric vehicle unit, the latest effort by the nation’s most indebted developer to boost capital.
The sale amounts to about 2.7% of outstanding shares in China Evergrande New Energy Vehicle Group Ltd., the real estate firm said in a filing to the Hong Kong stock exchange on Thursday. Evergrande NEV tumbled as the shares were sold at a 20% discount.