Foreign media reported that China Evergrande Group, whose core business is real estate, is heavily indebted, carrying about $110 billion in debt, with the equivalent of Iraq’s debt scale, and its Evergrande Auto has been named by the domestic media as a “paper car”, while foreign media also teased its debut in April at the Shanghai Auto Show, but the vehicles on display are model cars, not real cars. Not the real car on the road, but the market value soared to $ 87 billion (HK$ 678.6 billion), four times the market value of Evergrande.
Before Evergrande Group’s financial problems broke out, Xu Jiayin held a private dinner with Jack Ma in August last year, during which he talked about his dream of building cars, saying that he would surpass Tesla in 2025 and become the world’s largest electric car manufacturer.
According to Evergrande Auto announced in an announcement last September, four investors, including Yunfeng Fund, bought about US$515 million of shares in the company. While Yunfeng Fund, a private equity firm co-founded by Jack Ma and others, retains certain interests, there is no evidence that Ma personally invested in Evergrande Auto. However, Tencent and DDT are involved in this investment.
The report also said that Evergrande Auto made its debut at the Shanghai Auto Show in April, with nine models on the stand, all by international celebrities, including former BMW Mini designer Anders Warming. but the vehicles it displayed were model cars, using frosted plastic windows, not real cars that could be used on the road.
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