China Evergrande dissolves some units of online marketplace – media

- Advertisement -


FILE PHOTO: The China Evergrande Center building sign is seen in Hong Kong, China, September 23, 2021. Businesshala/Tyrone Siu/File photo/File photo
- Advertisement -

HONG KONG (Businesshala) – China Evergrande Group has dissolved several district-level units of Fangchebao (FCB), due to its online real estate and automobile marketplace, shrinking capital and business, Chinese media outlet Calianche said on Wednesday, according to sources. Reported citing. Confused developer.

FCB had planned to go for an initial public offering (IPO) by the end of this year or early next year. Evergrande sold 10% of the company in March to 17 investors for $2.10 billion, at a pre-financing valuation of more than 150 billion yuan ($23.48 billion).

- Advertisement -

Evergrande did not immediately respond to a request for comment.

The world’s most indebted property developer, with liabilities of more than $300 billion, is scrambling for funds to pay off many of its lenders as well as contractors.

It had expected to close businesses including FCBs and bottled water to raise funds.

($1 = 6.3880 Chinese Yuan Renminbi)

Reporting by Claire Jim; Editing by Raju Gopalakrishnan

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox