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Shares in China’s Evergrande Real Estate rose on Monday morning after the embattled firm’s chairman indicated the company would be concentrating in future on its growing electric vehicles unit rather than its troubled core property business.
The company, which has debts of about $305bn, managed to swerve a costly default last week as it came up with the money to pay a bond interest payment at the last minute.
Shares in Evergrande rose by as much as 6% so far during Monday trading, while shares in its electric vehicles unit – China Evergrande New Vehicle Energy Group – leapt by 17% at one point after Evergrande’s chairman said it would make the new vehicle venture its main business, although both firms later lost some of their gains and Evergrande stock is currently flat.
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