The Hong Kong-listed China Evergrande New Energy Vehicle Group does not manufacture e-cars, but generates almost all of its sales with healthcare services.
(Photo: Reuters)
Dusseldorf How intransparent the business of the heavily indebted Chinese real estate company Evergrande is becomes clear from the example of its e-car subsidiary China Evergrande New Energy Vehicle. A large part of the supposed e-car manufacturer’s turnover comes from the operation of health centers and old people’s homes.
The parent company Evergrande is about to collapse. In late August, the nested conglomerate put Hong Kong-listed subsidiary Evergrande Auto up for sale in an attempt to raise fresh money. Meanwhile, the subsidiary is also running out of money.
Evergrande Auto had to admit on Friday that employees and suppliers were not paid on time. A strategic investment or a sale of assets is necessary to meet payment obligations and maintain production, the company said.
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