China Evergrande New Energy Vehicle Co attracts investors to raise $3.4 bln

National United Resources Holdings

24/01/2021 11:17

HONG KONG, Jan 24 (Reuters) - Property giant China
Evergrande's  3333.HK  Hong-Kong listed electric vehicles firm
said on Sunday it would bring in six new investors to raise
HK$26 billion ($3.4 billion) to fund technology research and
repay debt.
    China Evergrande New Energy Vehicle Ltd  0708.HK  will issue
952.4 million shares at HK$27.3 each to the new investors who
include China Gas  0384.HK  Chairman Liu Minghui and Chan
Hoi-wan, spouse of Joseph Lau who is a Chinese Estate
shareholder  0127.HK , the firm said.
    The price offers a 9% discount to Friday's close of
HK$29.90, the company said in a filing to the Hong Kong bourse.
    The other four new investors are Cosmic Success Holdings
Ltd, Upper World Ltd, Heyirong International Trade Co. Ltd and
Greenwoods Global Investment Ltd.
    China Evergrande, the country's most indebted property
developer, has been scrambling for cash as Beijing plans new
debt-ratio caps to tackle what it considers excessive borrowing
in the real estate development sector.
    The company's balance of interest-bearing indebtedness was
716.5 billion yuan ($110.6 billion) at the end of 2020, down
157.8 billion yuan from March. The developer said it targets to
reduce the balance by a further 150 billion yuan this year.
    
    ($1 = 7.7519 Hong Kong dollars)
    ($1 = 6.4810 Chinese yuan renminbi)

 (Reporting by Twinnie Siu; Writing by Marius Zaharia; Editing
by Edmund Blair)
 ((marius.zaharia@thomsonreuters.com; +852 2843 6358;))