Shares in China Evergrande Group‘s electric vehicle (EV) unit rose as much as 5.8% early on Tuesday, extending gains from the previous day as the cash-strapped developer said it would prioritise the growth of its EV business.
China Evergrande, however, reversed early gains and fell by about 6% in morning trading.
China Evergrande, reeling under more than $300 billion in liabilities, averted a costly default last week with a last-minute bond coupon payment, buying it more time to head off a looming debt crunch with its next major payment deadline on Friday.
- Reuters with additional editing by Jim Pollard
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The post China Evergrande EV Unit Shares Jump On Business Shift appeared first on Asia Financial.
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