China Evergrande Group will explore listing of tourism business

Published on : Tuesday, July 27, 2021

China Evergrande Group is unraveling the possibilities of listing its tourism business, according to people familiar with the matter, as the most indebted developer of the world is looking for convincing the investors that it can generate enough cash to pay back the money.

With all the advisers, the company arranged first level talks on a potential initial public offering for the unit, the people said, urging not to be named as the matter is confidential. A share sale could happen as soon as next year, the people said.

Considerations are at an early stage and there’s been no final decision on details including valuation and venue, the people said. A representative for Evergrande didn’t immediately respond to requests for comment.

According to the recent annual report, Evergrande has its tourism operations in Hubei, Shaanxi and Guizhou. From 2022, it has plans to start rolling out theme park Evergrande Fairyland in 15 Chinese cities, targeting children and teenagers, its website shows. Also, the company owns a project called Ocean Flower Island in Hainan province, which includes theme parks, shopping malls, hotels as well as a hot spring and convention and exhibition center.

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