GT Online: Last Desperate Yet Vain Attempt to Survive – Evergrande Looks to Sell Some of Its Core Assets

Written/Translated by: Sister Karamazov

Image source: https://www.sohu.com/a/367389324_260616

According to multiple news resources both within and outside Communist China, China Evergrande Group published an announcement, claiming that “the company is in talks with several potential independent third-party investors to sell stakes including but not limited to its electric vehicle (EV) and property management businesses (708.HK and 6666.HK respectively)”, as highlighted in the picture below.

Image source: https://www.sohu.com/a/482592974_115865?scm=1002.2715008b.0.SHARINGAN_PC_FINANCE&spm=smpc.ch15.content1-3pic-1.1.1628741889009eGZvu8u

According to Chinese media platform sohu.com, it is worth noting that both EV and property business used to be fast-growing, quality and core assets Evergrande is proud of. And according to Sohu.com, Evergrande’s behavior is interpreted as “the embodiment of ‘self-help’”, and the corporation still have the possibility of “getting back to life and thrive” in the future.

But is that really the case?

Previously, Gnews has reported that on August 6, lawsuits against heavily indebted China Evergrande Group across Communist China will be centrally handled by the Guangzhou Intermediate People’s Court, in order to prevent multiple simultaneous lawsuits across China. Even so, it cannot escape the fate of bankruptcy (https://gnews.org/1452640/).

Now, just a couple of days later, Evergrande has escalated its desperate effort to survive and tried to sell some of its core assets, but this final struggle won’t work either: according to Miles Guo on his GETTR on August 11 local time, “This is the last struggle. It’s still fantasizing that (selling some of its core assets) can be the last money laundering method… Evergrande is over.” (Source: https://gettr.com/post/p7ct3jc54d)

Source:

https://www.sohu.com/a/482576274_115362?scm=1002.2715008b.0.SHARINGAN_PC_FINANCE&spm=smpc.ch15.content2-n-1.1.1628741889009eGZvu8u

https://www.sohu.com/a/482436904_639898?scm=1002.2715008b.0.SHARINGAN_PC_FINANCE&spm=smpc.ch15.content2-n-1.5.1628741889009eGZvu8u

https://www.sohu.com/a/482496845_115479?scm=1002.2715008b.0.SHARINGAN_PC_FINANCE&spm=smpc.ch15.content2-n-2.1.1628741889009eGZvu8u

https://www.sohu.com/a/482592974_115865?scm=1002.2715008b.0.SHARINGAN_PC_FINANCE&spm=smpc.ch15.content1-3pic-1.1.1628741889009eGZvu8u

https://www.sohu.com/a/482586768_639898?scm=1002.2715008b.0.SHARINGAN_PC_FINANCE&spm=smpc.ch15.content1-3pic-1.2.1628741889009eGZvu8u

https://www.sohu.com/a/482699267_121014217?scm=1002.590044.0.10648-1930&spm=smpc.ch15.content2-n-6.9.1628741889009eGZvu8u

https://www.wsj.com/articles/cash-strapped-china-evergrande-looks-to-sell-prized-assets-11628663594

https://www.reuters.com/article/us-china-evergrande-m-a-idUSKBN2FA0WK

(The views and opinions expressed in this article are those of the author’s own)

Disclaimer: This article only represents the author’s view. Gnews is not responsible for any legal risks.

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