Evergrande NEV Dumps Property Assets to Focus on Carmaking

China Evergrande New Energy Vehicle Group Ltd. agreed to divest the majority of its property assets to another unit of China Evergrande Group for a nominal 2 yuan ($0.29) as the struggling electric-car maker seeks new financing from investors.

Divesture of the property assets will allow the company to focus on the new-energy vehicle (NEV) segment and deploy its resources to fund existing projects that will offer better and more sustainable returns to shareholders, Hong Kong-traded Evergrande NEV said Monday in a filing with the Hong Kong Stock Exchange.