Shares of Evergrande EV unit slide 27% after it warns of losing assets By Reuters

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© Reuters. FIE PHOTO: A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. Picture taken October 20, 2021. REUTERS/Yilei Sun/file photo

HONG KONG (Reuters) – Shares of China Evergrande (HK:) New Energy Vehicle Group plunged 27% on Wednesday after it said it faces the risk of losing key assets such as land and equipment.

The subsidiary of developer China Evergrande said late on Tuesday that local administrative bodies had demanded repayment of 1.9 billion yuan ($261.91 million) in subsidies by its units.



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