China Evergrande's EV unit to sell 20% stake in Swedish firm for tax needs (updated)

China Evergrande New Energy Vehicle

25/02/2025 04:59

(Updates with details from paragraph 2)
       Feb 25 (Reuters) - China Evergrande Group's  3333.HK 
electric vehicle (EV) unit said on Tuesday it agreed to sell its
20% stake in a Sweden-based real estate property lessor for 60
million krona ($5.63 million).
    The stake sale in AB Trollhättan Propellern 13 will help
China Evergrande New Energy Vehicle Group  0708.HK  meet its
imminent tax payment needs and other payment obligations.
    The company forecast a total disposal loss of 23.8 million
krona upon completion of the sale to Logistikfastigheter i
Trollhättan AB.
    China Evergrande Group is the world's most heavily indebted
property developer with over $300 billion in liabilities, and
was ordered into liquidation by a Hong Kong court in January
last year following its offshore debt default in late 2021.
    China Evergrande New Energy Vehicle Group had initially
planned to compete with Tesla  TSLA.O  and even held a market
valuation surpassing that of Ford Motor  F.N , but has since
become entangled in the debt crisis affecting its parent
company.

($1 = 10.6557 Swedish crowns)

 (Reporting by Shivangi Lahiri in Bengaluru; Editing by
Subhranshu Sahu)
 ((Shivangi.Lahiri@thomsonreuters.com;))