Evergrande scraps 90b yuan solar push as timing 'immature'
No funds spent on solar so far, says parent of most indebted Chinese developer
Beijing
EVERGRANDE Group, the parent of China's most-indebted publicly traded homebuilder, scrapped its 90 billion yuan (S$20 billion) plan to branch out into solar power, stymieing its ambitions to become a clean-energy developer.
After surveying the market, Evergrande, owned by billionaire Hui Ka Yan, concluded "the current timing is immature" to enter into solar power, the Guangzhou-based company said in an e-mailed statement to questions seeking an update on the plans. No funds have so far been spent on the solar business, the company added.
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