HONG KONG -- Shares of the electric vehicle company controlled by financially troubled property developer China Evergrande Group fell more than 20% on Monday as efforts to sell the EV unit fell through.
Negotiations to sell China Evergrande New Energy Vehicle Group first emerged in late May, as the Hong Kong-listed company said its controlling shareholders, who together held 58.5% of the automaker, were talking to a potential purchaser. China Evergrande Group and its controlled units held identical stakes in the automaker but the announcement did not identify the shareholders nor the purchaser.
