HONG KONG : Shares in China Evergrande Group shot up 4per cent on Monday after the embattled property developer announced plans to prioritise growth of its electric vehicles business over its core real estate operations.
Evergrande, reeling under more than US$300 billion in liabilities, last week appeared to avert a costly default with a last-minute bond coupon payment, buying it another week to wrestle with a looming debt crisis. Property sales will slow to about 200 billion yuan per year by that time, compared to more than 700 billion yuan last year, he added, the state-backed Securities Times reported.
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