Evergrande investment to save Faraday Future

Business | Janice Huang 17 Apr 2018

China Evergrande Group (3333) chairman Hui Ka-yan has reportedly invested in start-up Faraday Future, in which LeEco Founder Jia Yueting also invested in. It is unclear if Hui's investment was personal or if it was on behalf of Evergrande.

According to the mainland media, Evergrande officials did not deny the purported investment, but said they unfamiliar with the deal.

Evergrande reportedly invested US$300 million (HK$2.34 billion) last year in a Faraday Future offshore unit.

Since Faraday Future was valued at US$1.5 billion at the time, Evergrande is estimated to hold about 20 percent of Faraday's offshore unit.

The mainland media claimed Faraday Future risks going bust without Evergrande's investment.

Faraday Future reportedly bought a plot of land in Guangzhou for 364 million yuan (HK$454.81 million) for a facility that will produce electric vehicles.

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