Investor in Evergrande’s EV Unit to Pause Payments

(Bloomberg) — The electric vehicle unit of defaulted property developer China Evergrande Group said Dubai-based NWTN Inc. will suspend carrying out its obligations under their share subscription agreement. 

NWTN isn’t obligated to provide the second and third tranches of transitional support to China Evergrande New Energy Vehicle Group Limited, “given the current situation,” according to a filing to the Hong Kong Stock Exchange on Sunday. Evergrande NEV said it’s willing to renegotiate the deal and that trading of the company will resume on Monday, according to the filing.