China Evergrande Group’s electric vehicle (EV) unit has agreed to sell its 20% stake in Swedish real estate property lessor AB Trollhättan Propellern 13 for 60 million Swedish krona ($5.63 million), according to Reuters on Tuesday 25 February. The sale comes as the embattled company seeks to meet tax payments and other financial obligations.
Evergrande, which was ordered into liquidation by a Hong Kong court in January 2024 following its offshore debt default, remains the world’s most indebted property developer, with over $300 billion in liabilities. Its EV subsidiary, which once aspired to compete with industry leaders like Tesla, has struggled amid the parent company’s financial turmoil.
The sale of the stake to Logistikfastigheter i Trollhättan AB is expected to result in a disposal loss of 23.8 million krona, further underscoring the company’s financial challenges.
Evergrande has been offloading assets as it continues to navigate its financial crisis, with the latest transaction reflecting ongoing efforts to stabilize its operations.
