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CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED

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China Evergrande New Energy Vehicle : plans to shift main business to new energy vehicles - Securities Times

10/22/2021 | 09:26am EST

HONG KONG (Reuters) - China Evergrande Group will shift its main business to new energy vehicles within 10 years from property development, the state-backed Securities Times reported on Friday, quoting the developer's chairman Hui Ka Yan as saying.

China's second-largest property developer will reduce its property sales to about 200 billion yuan ($31.31 billion) per year to overhaul its business, Securities Times reported.

Its property sales reached more than 700 billion yuan in 2020, the report quoted Hui as saying.

($1 = 6.3877 Chinese yuan renminbi)

(Reporting by Twinnie Siu and Meg Shen, editing by Louise Heavens)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP 0.44% 2.29 End-of-day quote.-84.63%
CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED -2.65% 3.68 End-of-day quote.-87.81%
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Analyst Recommendations on CHINA EVERGRANDE NEW ENERGY VEHICLE GROUP LIMITED
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Financials
Sales 2020 15 487 M 2 431 M 2 431 M
Net income 2020 -7 394 M -1 161 M -1 161 M
Net Debt 2020 62 534 M 9 816 M 9 816 M
P/E ratio 2020 -35,5x
Yield 2020 -
Capitalization 29 868 M 4 693 M 4 688 M
EV / Sales 2019 20,0x
EV / Sales 2020 18,5x
Nbr of Employees 14 493
Free-Float 26,5%
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Managers and Directors
Da Rong Pan Chief Financial Officer
Shawn Siu Chairman
Shing Yim Chau Independent Non-Executive Director
Jian Wen Guo Independent Non-Executive Director
Wu Xie Independent Non-Executive Director