Evergrande scraps 90b yuan solar push as timing 'immature'

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.