China Evergrande New Energy Vehicle Co attracts investors to raise US$3.4b

China Evergrande, the country's most indebted property developer, has been scrambling for cash as Beijing plans new debt-ratio caps to tackle what it considers excessive borrowing in the real estate development sector.

HONG KONG: Property giant China Evergrande's Hong-Kong listed electric vehicles firm said on Sunday it would bring in six new investors to raise HK$26 billion ($3.4 billion) to fund technology research and repay debt.

China Evergrande New Energy Vehicle Ltd will issue 952.4 million shares at HK$27.3 each to the new investors who include China Gas Chairman Liu Minghui and Chan Hoi-wan, spouse of Joseph Lau who is a Chinese Estate shareholder, the firm said.