China’s Evergrande EV Ordered to Repay $262mn Subsidies, Faces Asset Seizure
China has ordered the deeply indebted Evergrande conglomerate’s electric car subsidiary to repay $262 million in subsidies for failing to meet its contractual obligations or risk having its assets seized, the company announced on Tuesday. Evergrande, once China’s leading property…
Evergrande EV Unit Suspends Talks with Dubai’s NWTN on Redrafting Deal
China Evergrande New Energy Vehicle (0708.HK), opens new tab (NEV) said on Friday it has suspended negotiations on amendments to the terms of a HK$3.89-billion ($497.42 million) share subscription agreement with Dubai-based mobility firm NWTN (NWTN.O), opens new tab. In…
China Evergrande EV Unit To Issue Fresh Shares In Restructuring Plan
Embattled property developer China Evergrande Group said on Monday (Aug 14) its listed electric-vehicle arm has agreed to issue new shares to certain subscribers to ease loan burden and improve liquidity as part of its restructuring proposal. Under the terms,…
Tencent, Others To Buy $516.12 Million Worth Shares In China Evergrande New Energy Vehicle
China Evergrande New Energy Vehicle Group Ltd said investors including Tencent Holdings Ltd and Sequoia Capital will buy HK$4 billion ($516.12 million) worth of company shares in a share sale. The electric vehicle unit of property developer China Evergrande said…
