Evergrande EV Stock Loses $80 Billion in World’s Worst Rout
- Vehicle group’s shares slump by as much as 22% in Hong Kong
- Property developer’s subsidiaries hit by fire-sale concerns
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Shares of China Evergrande Group’s electric vehicle unit are collapsing in Hong Kong, wiping about $80 billion from what was the property developer’s most valuable listed asset.
China Evergrande New Energy Vehicle Group Ltd. sank as much as 22% Thursday after its parent said the unit lost 4.8 billion yuan ($740 million) in the first half.