HONG KONG -- Embattled property developer China Evergrande Group is in talks to sell its Hong Kong-listed electric vehicle manufacturer to an anonymous buyer, reviving the unit's stock price amid a severe cash crunch.
China Evergrande New Energy Vehicle Group announced Sunday night that its controlling shareholders, which collectively own 58.5% of all issued shares, had entered into negotiations to divest in two phases. The automaker did not name the shareholders, but according to the company's latest annual report published at the end of last month, China Evergrande Group and its controlled units held an identical stake.
