Finance
China Evergrande dissolves some units of online marketplace – media
Published by maria gbaf
Posted on November 17, 2021
1 min readLast updated: January 28, 2026
Global Banking & Finance Review®
Company
Published by maria gbaf
Posted on November 17, 2021
1 min readLast updated: January 28, 2026
China Evergrande dissolves Fangchebao units due to financial issues, affecting IPO plans. The company faces over $300 billion in liabilities.
HONG KONG (Reuters) – China Evergrande Group has dissolved several district-level units of Fangchebao (FCB), its online real estate and automobile marketplace, due to shrinking capital and business, Chinese media outlet Cailianshe reported on Wednesday, citing sources close to the embattled developer.
FCB had planned for an initial public offering (IPO) late this year or early next year. Evergrande in March sold 10% of the company to 17 investors for $2.10 billion, at a pre-financing valuation of over 150 billion yuan ($23.48 billion).
Evergrande did not immediately respond to request for comment.
The world’s most indebted property developer, with more than $300 billion in liabilities, has been scrambling for funds to pay its many lenders as well as contractors.
It had hoped to spin off businesses including FCB and bottled water to raise fund.
($1 = 6.3880 Chinese yuan renminbi)
(Reporting by Clare Jim; Editing by Raju Gopalakrishnan)
The article discusses China Evergrande dissolving units of its online marketplace Fangchebao due to financial struggles.
Evergrande dissolved the units due to shrinking capital and business challenges.
Evergrande faces over $300 billion in liabilities and is seeking funds to pay lenders and contractors.
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