The China Evergrande Centre building sign is seen in Hong Kong, China, September 23, 2021. REUTERS/Tyrone Siu/File Photo/File Photohas dissolved several district-level units of Fangchebao , its online real estate and automobile marketplace, due to shrinking capital and business, Chinese media outlet Cailianshe reported on Wednesday, citing sources close to the embattled developer.
FCB had planned for an initial public offering late this year or early next year. Evergrande in March sold 10% of the company to 17 investors for $2.10 billion, at a pre-financing valuation of over 150 billion yuan .The world's most indebted property developer, with more than $300 billion in liabilities, has been scrambling for funds to pay its many lenders as well as contractors.
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