China Evergrande’s EV unit soars on business change, Evergrande sinks By Reuters

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© Reuters. FILE PHOTO: The company logo is seen at the headquarters of the China Evergrande group in Shenzhen, Guangdong province, China on September 26, 2021. REUTERS / Aly Song

HONG KONG (Reuters) – Shares in the China Evergrande group’s electric vehicle (EV) unit rose 5.8% on Tuesday morning, extending the gains from the previous day as the cash-strapped developer said he would prioritize growing his EV business.

China Evergrande, however, reversed its initial gains and fell more than 6%.

China Evergrande, reeling from more than $ 300 billion in liabilities, averted a costly default last week with a last-minute bond coupon payment, giving it more time to head off impending debt tightening with its next major payment due Friday.

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