{"id":120109,"date":"2021-08-19T11:51:06","date_gmt":"2021-08-19T11:51:06","guid":{"rendered":"https:\/\/fin2me.com\/?p=120109"},"modified":"2021-08-19T11:51:06","modified_gmt":"2021-08-19T11:51:06","slug":"exclusive-china-evergrande-in-talks-with-xiaomi-consortium-to-sell-ev-unit-stake-sources","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/exclusive-china-evergrande-in-talks-with-xiaomi-consortium-to-sell-ev-unit-stake-sources\/","title":{"rendered":"Exclusive-China Evergrande in talks with Xiaomi consortium to sell EV unit stake-sources"},"content":{"rendered":"<p>HONG KONG\/SHANGHAI (Reuters) &#8211; Embattled Chinese property developer Evergrande Group is in talks with smartphone maker Xiaomi and Shenzhen state-backed investment firms as it looks to sell part of a 65% stake in its electric vehicle (EV) unit, three sources said.<\/p><figcaption>FILE PHOTO: An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. Picture taken March 26, 2018.  REUTERS\/Bobby Yip <\/figcaption><p>The Evergrande New Energy Vehicle (NEV) Group had a market capitalisation of $12.5 billion on Thursday and one of the sources said the consortium is looking to buy a significant minority stake.<\/p>\n<p>Evergrande, Xiaomi and Shenzhen\u2019s state asset regulator did not respond to requests for comment.<\/p>\n<p>The talks were said by the sources to be at an early stage and subject to changes.<\/p>\n<p>The developer said last week that it was in discussions with several independent third-party investors on the proposed sale of certain assets, including stakes in Evergrande NEV, as part of its efforts to reduce debt.<\/p>\n<p>Smartphone maker Xiaomi has been ramping up investments in EV suppliers after it unveiled its EV ambition with an investment of $10 billion in March, following its peers from Apple Inc to Huawei Technologies Co as they bet on more cars becoming battery-powered and smart.<\/p>\n<p>Evergrande has been struggling to raise funds to pay its debts after Beijing stepped up curbs on the real estate sector to contain the risks of a bubble.<\/p>\n<p>China\u2019s central bank, banking and insurance regulator said they had summoned executives of China Evergrande Group to a meeting on Thursday.<\/p>\n<p>Investors have been worried about Evergrande&#8217;s financial health here and the potential systemic financial risk it poses.<\/p>\n<p>Concerns about Evergrande intensified after it failed in June here to pay some commercial paper on time. A Chinese court froze a $20 million bank deposit held by the firm on the request of China Guangfa Bank last month.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/china-evergrande-ma-everg-vehicle\/exclusive-china-evergrande-in-talks-with-xiaomi-consortium-to-sell-ev-unit-stake-sources-idUSL4N2PQ12B\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HONG KONG\/SHANGHAI (Reuters) &#8211; Embattled Chinese property developer Evergrande Group is in talks with smartphone maker Xiaomi and Shenzhen state-backed investment firms as it looks [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":120108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Exclusive-China Evergrande in talks with Xiaomi consortium to sell EV unit stake-sources - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/exclusive-china-evergrande-in-talks-with-xiaomi-consortium-to-sell-ev-unit-stake-sources\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exclusive-China Evergrande in talks with Xiaomi consortium to sell EV unit stake-sources - Fin2me\" \/>\n<meta property=\"og:description\" content=\"HONG KONG\/SHANGHAI (Reuters) &#8211; 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