Evergrande divested its real estate business

CTOnews.com May 13, Evergrande Motor (0708.HK) issued an announcement that the shareholders' meeting has agreed to sell 47 real estate projects to China Evergrande and its subsidiaries. This means that Evergrande has completed the divestiture of its real estate business, concentrated resources to protect Hengchi's R & D and production, and focused on the new energy vehicle track.

CTOnews.com previously reported that China Evergrande announced on April 24 that the buyer (Anxin Holdings Limited, a wholly-owned subsidiary of the company), the company and Evergrande entered into a sale and purchase agreement with Evergrande Motor, under which the buyer conditionally agreed to buy and Evergrande conditionally agreed to sell the target shares as a beneficial owner, including 21 Evergrande Health Valley projects, 5 Evergrande Health City projects and 21 property development projects. The initial consideration of Evergrande's target shares is RMB 2.

At the same time, Evergrande mentioned in the announcement that its Tianjin plant suspended production of Hengchi 5 due to lack of funds and planned to resume production in May.