Chinese local authorities have asked China Evergrande New Energy Vehicle (HKG:0708) to return 1.9 billion yuan in incentives and subsidies the NEV maker has received, according to a Wednesday filing with the Hong Kong Stock Exchange.
Once Evergrande NEV refunds the amount, it will have a major adverse impact on the finances of the electric vehicle arm of troubled property lender Evergrande (HKG:3333), according to the filing.
Evergrande NEV plans to coordinate with local authorities regarding the matter. The filing did not specify the purpose of the incentives.
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