Hui Ka Yan is finally taking steps to reduce the massive debt pile at his property developer China Evergrande Group, but the costs of doing so are piling up rapidly.

Evergrande New Energy Vehicle Group, the company’s electric-car unit, announced on Tuesday that it would raise HK$4 billion ($516 million) by selling 176.6 million shares at a steep discount. Investors are buying the Hong Kong-traded shares at a price of HK$22.65, which is 20% less than the stock’s closing price the day before.

The EV unit followed that announcement with another on Friday stating that it intends to issue shares on the Science and Technology Innovation Board in Shanghai, which was launched

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