Spark Global Limited Reports:
Evergrande Group has disbanded several district-level divisions of its online real estate and car market, Rv Bao, due to shrinking funds and business, Chinese media caijing reported on Wednesday, citing people familiar with the matter.
FCB had planned an initial public offering late this year or early next year. Evergrande sold a 10% stake in the company to 17 investors in March for $2.1 billion, valuing it at more than 150 billion yuan ($23.48 billion) before the financing. The world’s most indebted real estate developer, with more than $300 billion in debt, has been scrambling for funds to repay its many creditors and contractors.
The company had hoped to spin off businesses such as FCB and bottled water to raise cash.
(us $1 = 6.3880 yuan)
Reprint indicated source：Spark Global Limited information