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Evergrande EV Receives ~$980mn worth Pre-Orders; Yet to Reach Pact With International Bondholders
July 21, 2022
China Evergrande’s new EV unit announced that they have received over 37,000 pre-orders for its first model Hengchi 5. Buyers of the EV are paying CNY 1000 ($148) as a deposit for the car, which is priced from CNY 179,000 ($1294). The EV unit has said that it will start to deliver the first batch of cars later this year. If all the pre-orders are fulfilled, it could prove to be significant help in aiding its parent company to repay a portion of its debt obligations.
Separately, Evergrande has not come to an agreement on a restructuring plan with its offshore bondholders, as its internally set July deadline for a preliminary plan approaches. As per sources, due diligence work on Evergrande’s balance sheet is still ongoing. In addition, people familiar with the matter also said that the Chinese developer intends to assure offshore creditors that their legal rights will be honoured.
Evergrande’s dollar bonds are currently trading around ~5 to 8 cents to the dollar.
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