HONG KONG (Reuters) – 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 more than 6%.
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.
(Reporting By Donny Kwok; Writing by Anne Marie Roantree; Editing by Shri Navaratnam)
