Market Chatter: China Evergrande Liquidators Still Searching for Buyer of Stake in EV Unit

MT Newswires Live09-30

China Evergrande's (HKG:3333) liquidators are still negotiating the sale of a stake in unit China Evergrande New Energy Vehicle (HKG:0708) to help fund the unit's production, Reuters reported Thursday.

Evergrande NEV has not yet signed an agreement with a potential buyer. It has not also signed any deal for any credit facility, the report said.

A non-binding deal pushed by Evergrande liquidators allows for the sale of a 29% stake in the EV unit, with an option to extend the stake to up to 29.5%, the report said, citing a statement in May.

Two of Evergrande's EV units are undergoing bankruptcy proceedings as they face pressure from creditors and a local government, Reuters said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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