Evergrande plans to shift main business to new energy vehicles

[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 (S$42.2 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.

REUTERS