So...sort of like the Titanic's* owner, the White Star Line, announcing a shift in focus to...what...low-income housing?
From Reuters, October 25:
Evergrande EV unit shares jump after chairman signals business shift
Shares in China Evergrande Group's electric vehicles (EV) unit <0708.HK> rose on Monday as the embattled property developer moved to prioritise the growth of its nascent EV business over its troubled core real estate operations.Evergrande (3333.HK) , reeling under more than $300 billion in liabilities, averted a costly default last week with a last-minute bond coupon payment, buying it more time to head off a looming debt crunch with its next major payment deadline on Friday.
An announcement by its chairman, Hui Ka Yan, reported by state media on Friday, that it would make its new electric vehicle venture its primary business, instead of property, within 10 years, cheered investors on Monday....
....MUCH MORE
*It too was just a little 'crash floe' problem.
