BEIJING ― China has ordered the deeply indebted Evergrande conglomerate's electric car subsidiary to repay $262 million in subsidies for failing to meet its contractual obligations or risk having its assets seized, the company announced on Tuesday.Evergrande, once China's leading property developer with interests in multiple sectors, has been strangled by surging debt, estimated in June 2023 to be worth some $328 billion.'The relevant local administrative authority considered that ..
Evergrande New Energy Vehicle Group has been ordered to pay back some 1.9 billion yuan within 15 days, the manufacturer said.The decision exposes Evergrande's car subsidiary 'to the risks of compulsory resumption of land of the relevant plants, and the buildings and equipment thereon being used for repayment of the said incentives and subsidies,' it added.