China Evergrande Units Gain on Talks for Investor Support

Dow Jones05-27

By Jiahui Huang

Shares of two China Evergrande Group units rose sharply on hopes that some businesses could survive despite the property giant's liquidation.

China Evergrande New Energy Vehicle shares jumped 82% to 69 Hong Kong cents (9 U.S. cents) early Monday after the electric-vehicle startup said liquidators were in talks to sell a 29% stake in the unit to an unnamed buyer. The buyer would also have the option to purchase an additional 29.5% stake.

Evergrande NEV shares were trading for the first time since being halted on May 17. Monday's gains took the stock into the green for the year, though its 12-month loss stood at 78%.

Shares of Evergrande Property Services, meanwhile, were 11% higher, bringing year-to-date gains to 81%.

China Evergrande Group was ordered to liquidate in late January after the property developer failed to reach a restructuring plan with creditors. Evergrande defaulted on dollar bonds in 2021 after running up liabilities of more than $300 billion, helping spark a broader property crisis in China.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

May 26, 2024 23:13 ET (03:13 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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