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China Evergrande plans to shift main business to new energy vehicles - Securities Times

China Evergrande plans to shift main business to new energy vehicles - Securities Times

FILE PHOTO: Police officers and security personnel walk past surveillance cameras outside the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, September 30, 2021. REUTERS/Aly Song

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)

Source: Reuters

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