Embattled Chinese property developer Evergrande Group (3333.HK) is in talks with smartphone maker Xiaomi (1810.HK) and Shenzhen state-backed investment firms as it looks to sell part of a 65% stake in its electric vehicle (EV) unit, three sources said.
The potential deal would give Xiaomi EV production facilities to push forward its auto business, the sources said.Evergrande has been struggling to raise funds to pay its debts after Beijing stepped up curbs on the real estate sector to contain the risks of a bubble.Concerns aboutto pay some commercial paper on time. A Chinese court froze a $20 million bank deposit held by the firm on the request of China Guangfa Bank last month.
Evergrande NEV warned of a 4.8 billion yuan net loss for the first half of 2021, according to its filing with the Hong Kong Stock Exchange, nearly double the loss a year ago.
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