Evergrande’s work is restarting in view of deliveries to customers who, in many cases, have already paid all or part of the properties of the debt-ridden giant for over $ 300 billion. The payment of the 83.5 million offshore coupon by last Friday, just before the technical default, had a positive effect on the resumption of work. But the next deadlines remain, the first at the weekend, and above all, the concerns for the entire sector, a future with the introduction of a tax on real estate, residential and otherwise, which will have a major impact on developments in the coming years. .
Providential payment
Two holders of the 8.25% dollar bond maturing in March 2022 received the payment due. Bond and Evergrande shares benefited, while shares in Evergrande New Energy Vehicle Group, the real estate company’s electric vehicle division, jumped 11.4 percent.
Also because the president of Evergrande, Hui Ka Yan, has declared that the production of electric cars within the decade will become the main activity.
Behind-the-front, therefore, with respect to the decision of recent days to sell it, even. And tough challenge, given that Evergrande hasn’t delivered even an electric car so far, despite Hui’s ambitions to compete with industry giants like Tesla Inc.
The company’s first electric car will be delivered from the Tianjin factory early next year.