Evergrande is struggling to sell stakes in auto and property management units. Like many tycoons, boss Hui Ka Yan revelled in spinning off subsidiaries without ceding control. The downside of such entanglement is becoming clear: JennHughes13
Cash-strapped developer China Evergrande Group warned on Sept. 14 that its September property sales would decline significantly and that as a result it faced “tremendous” pressure on its cash flow.
In a filing to the Hong Kong Stock Exchange, the group added that it was in discussions with potential buyers of some of its assets, but that no material progress had been made. Among assets on the block are sales of stakes in Evergrande New Energy Vehicle, also known as Evergrande Auto, and in Evergrande Property Services Group.
Angry investors gathered at Evergrande’s headquarters in Shenzhen on Monday to demand the firm repay loans and financial products.Security personnel form a human chain as they guard outside the Evergrande's headquarters, where people gathered to demand repayment of loans and financial products, in Shenzhen, Guangdong province, China September 13, 2021. REUTERS/David Kirton
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