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New Energy Vehicle Group will record a gain of about 24.79 billion yuan ($3.60 billion) following the sale of its Flaming Ace Ltd and Assemble Guard Ltd businesses to Anxin Holding for a nominal consideration of 2 yuan.
The property developer said the restructuring can optimize the structure of the unit to allow it to focus on the new-energy-vehicle (NEV) sector, which includes electric and plug-in hybrid vehicles.
New Energy Vehicle said it can take its NEV segment to the next stage of growth by “de-leveraging and reducing its holding of the projects”.
($1 = 6.8940 Chinese yuan renminbi)
