Evergrande, EV unit shares jump after chairman signals business shift

Hui Ka Yan says that company would make its new electric vehicle venture its primary business, instead of property, within 10 years.

Shares in China Evergrande Group and its EV unit rose on Monday as the embattled property developer moved to prioritise growth of its nascent electric vehicles business over its troubled core real estate operations.
 

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.
 

An announcement by its chairman, Hui Ka Yan, reported by state media on Friday, that it would make its new electric vehicle venture its primary business,