Published by Global Banking & Finance Review®
Posted on February 25, 2025
1 min readLast updated: January 25, 2026
Add as preferred source on GoogleEvergrande's EV unit sells a 20% stake in a Swedish firm for 60 million krona to meet tax obligations, forecasting a loss of 23.8 million krona.
(Reuters) - China Evergrande Group's electric vehicle (EV) unit said on Tuesday it agreed to sell its 20% stake in a Sweden-based real estate property lessor for 60 million krona ($5.63 million).
The stake sale in AB Trollhättan Propellern 13 will help China Evergrande New Energy Vehicle Group meet its imminent tax payment needs and other payment obligations.
The company forecast a total disposal loss of 23.8 million krona upon completion of the sale to Logistikfastigheter i Trollhättan AB.
China Evergrande Group is the world's most heavily indebted property developer with over $300 billion in liabilities, and was ordered into liquidation by a Hong Kong court in January last year following its offshore debt default in late 2021.
China Evergrande New Energy Vehicle Group had initially planned to compete with Tesla and even held a market valuation surpassing that of Ford Motor, but has since become entangled in the debt crisis affecting its parent company.
($1 = 10.6557 Swedish crowns)
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Subhranshu Sahu)
China Evergrande's EV unit is selling a 20% stake in AB Trollhättan Propellern 13.
The stake sale is valued at 60 million krona, which is approximately $5.63 million.
The proceeds from the sale will help China Evergrande New Energy Vehicle Group meet its imminent tax payment needs and other payment obligations.
The company forecasts a total disposal loss of 23.8 million krona upon completion of the sale.
China Evergrande Group is the world's most heavily indebted property developer with over $300 billion in liabilities and was ordered into liquidation by a Hong Kong court in January last year.
Explore more articles in the Headlines category
