China Evergrande’s electric-vehicle unit gets US$200 million from returning undeveloped land

//China Evergrande’s electric-vehicle unit gets US$200 million from returning undeveloped land

China Evergrande’s electric-vehicle unit gets US$200 million from returning undeveloped land

China Evergrande New Energy Vehicle Group returned several undeveloped land plots to the Chinese government in exchange for 1.28 billion yuan (US$200 million) to alleviate its cash crunch and keep operations afloat.The proceeds – some which have been confiscated by the government – will be used to fund construction projects, pay wages to migrant workers, and pay for any unreturned land parcels, the Hong Kong-listed company, also known as Evergrande Auto, said in an exchange filing Friday night…

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By | 2021-11-27T08:28:58+00:00 November 27th, 2021|Business|Comments Off on China Evergrande’s electric-vehicle unit gets US$200 million from returning undeveloped land