
What’s new : The electric vehicle (EV) unit of debt-ridden property developer China Evergrande Group was hit by a fresh blow after creditors of two of its subsidiaries asked a court to start bankruptcy proceedings.
Evergrande New Energy Vehicle (Guangdong) Co. Ltd. and Evergrande Smart Automotive (Guangdong) Co. Ltd. received a joint notice from a local court regarding a bankruptcy and reorganization application covering both companies that was submitted by their creditors on July 25, their parent said in a stock exchange filing dated Sunday.