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China debt crunch

Embattled Evergrande reveals attempted EV stake sale to Xiaomi

Developer looking to raise funds to tide over a liquidity crisis

China Evergrande said it held talks with Xiaomi over a possible stake sale in its EV unit.   © Reuters
NIKKI SUN and NARAYANAN SOMASUNDARAM, Nikkei staff writers | China

HONG KONG -- China Evergrande Group revealed on Friday it held talks about selling a stake in its EV unit to smartphone maker Xiaomi as the world's most indebted property developer comes under mounting pressure from Beijing to manage its liquidity crisis.

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