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Electric cars: last hope for Evergrande

Evergrande’s Hengchi 1 at the Shanghai auto show

Group CEO Xu Jiayin is desperately trying to avert the bankruptcy of his Evergrande Group. The real estate developer has accumulated around 300 billion euros in debt (China.Table reported). Under pressure from the Communist Party, Xu has already mortgaged two Hong Kong villas for $105 million to service overdue payments. He also had to sell off parts of his art collection.

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