Heavily-indebted property developer China Evergrande Group has appointed its electric vehicle unit’s chairman as an executive director, reports Reuters. The company announced in a filing with the Hong Kong Stock Exchange that the chairman of China Evergrande New Energy Vehicle Group, Siu Shawn, has taken up a three-year contract.
The filing also said that Lai Lixin and Huang Xiangui had both resigned as executive directors of Evergrande. Lai had resigned as executive director to devote more time to his other duties with the group, while Huang stepped down for health reasons. Both will remain with the group.
Evergrande is the world’s most indebted property company, with more than $300 billion in total liabilities, which include nearly $20 billion of international bonds all deemed to be in default after a run of missed payments late last year.