SHANGHAI: China’s third-richest man is set to get a US$2 billion cash windfall.
The board proposed a 1.42 yuan per-share payout for the year ended Dec 31, according to a statement late Sunday. The cash burning foray into electric-cars comes as Evergrande’s net debt-to-equity ratio hovers around 153%, one of the highest among Chinese developers. Not only does that pit him against Elon Musk’s Tesla Inc, which has been churning out EVs for years, but also all the world’s major automakers, which are ploughing tens of billions of dollars into EV production and research.
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