Chinese Real Estate Crisis Spreads to Sweden: Evergrande Update

EV unit seeks new backers after cutting 300 jobs in August
Bondholders still awaiting coupon payments on dollar debt

WATCH: Several bond holders say they have not received a U.S. dollar coupon payment that was due on Wednesday from China Evergrande Group. Bloomberg’s Rebecca Choong Wilkins reports. (Source: Bloomberg)

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By Bloomberg News

September 29, 2021 at 5:08 AM UTC

Updated on

October 1, 2021 at 11:45 AM UTC

This article is for subscribers only.

China Evergrande Group’s financial woes have reached Sweden, with a unit of the company’s electric-vehicle arm in talks to find new backers after cutting 300 jobs.

Stefan Tilk, the chief executive officer of National Electric Vehicle Sweden AB, told Bloomberg News that the firm had entered discussions with new potential owners. “I’m acting as if things won’t be working out with Evergrande,” he said.