Evergrande, EV unit shares jump after chairman signals business shift

Evergrande rose as much as 6% while China Evergrande New Energy Vehicle Group Ltd as much as 17%, although both later trimmed their gains.

HONG KONG: Shares in China Evergrande Group and its EV unit rose on Monday as the embattled property developer moved to prioritise growth of its nascent electric vehicles business over its troubled core real estate operations.

Evergrande, reeling under more than $300 billion in liabilities, averted a costly default last week with a last-minute bond coupon payment, buying it more time to head off a looming debt crunch with its next major payment deadline on Friday.