HONG KONG (Reuters) – Shares of China Evergrande New Energy Vehicle Group plunged 27% on Wednesday after it said it faces the risk of losing key assets such as land and equipment.
The subsidiary of developer China Evergrande said late on Tuesday that local administrative bodies had demanded repayment of 1.9 billion yuan ($261.91 million) in subsidies by its units.
(Reporting By Donny Kwok and Anne Marie Roantree; Editing by Himani Sarkar)
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