Author: Yulu Ao

China Evergrande New Energy Vehicle Group (NEV) plummeted by the most in almost three years after the Chinese government mandated the return of all state subsidies received by the company, further exacerbating the financial crisis of the heavily indebted developer. Evergrande NEV’s shares tumbled by up to 26.7% to 31.5 Hong Kong cents, marking the lowest intraday level in nearly a month on the city’s stock market. The carmaker was instructed to return 1.9 billion yuan (US$261.9 million) in subsidies from local authorities due to failure in meeting contractual obligations, as stated in a recent announcement to the Hong Kong…

China’s property market sentiment rose as Hangzhou revealed plans to buy unsold inventory. Analysts are cautious about the effectiveness of such aid. Shares of CIFI Holdings and China Vanke surged on the news. The government is planning to acquire 10,000 square meters of property to boost sales. However, nationwide unsold homes remain high at 330 million square meters, prompting Beijing to consider comprehensive measures to reduce inventory. Concerns arise about funding for the buying plan and restoring buyer confidence. Experts suggest providing funds for developers to ensure completion and delivery of unsold units. China’s home sales continue to be sluggish…