HONG KONG : China Evergrande Group will shift its main business to new energy vehicles within 10 years from property development, the state-backed Securities Times reported on Friday, quoting the developer's chairman Hui Ka Yan as saying.
China's second-largest property developer will reduce its property sales to about 200 billion yuan (US$31.31 billion) per year to overhaul its business, Securities Times reported.
Its property sales reached more than 700 billion yuan in 2020, the report quoted Hui as saying.
(US$1 = 6.3877 Chinese yuan renminbi)
(Reporting by Twinnie Siu and Meg Shen, editing by Louise Heavens)