(Yicai Global) Dec. 21 -- The electric vehicle arm of troubled property developer China Evergrande Group has delivered more than 100 of its first mass-produced EV, the Hengchi 5.

China Evergrande New Energy Vehicle Group handed the sport utility vehicles to buyers between Oct. 29 and Dec. 17, its Guangzhou-based parent company said in a stock exchange filing yesterday. The cars started rolling off the production line on Sept. 16.

On Dec. 2, insiders at Evergrande refuted a rumor that the heavily indebted homebuilder planned to shut the car-making unit. Guangzhou-based Evergrande NEV was set up in January 2019, after its parent pulled out of an investment deal with electric vehicle startup Faraday Future.

Evergrande also said in the filing that it is pushing forward its offshore debt restructuring with its financial and legal advisors as the various parties are narrowing their differences on the framework and key provisions, but there is still uncertainty as to whether the resources for debt repayment can generate the expected value, given the substantial liabilities.

The developer had liabilities of CNY2 trillion (USD28.3 billion) at the end of June 2021, according to its last earnings report.

Evergrande will continue to engage in active and constructive dialogue with offshore creditors, hoping to reach a consensus on the terms of the restructuring plan as soon as possible, it added.

Evergrande also said it had resumed work on 631 pre-sold and undelivered projects. Contracted sales reached CNY29.1 billion (USD4.2 billion) in the first 11 months of this year, versus CNY443 billion (USD63.5 billion) for the whole of 2021. The contracted sales area between January and November was 3.5 million square meters, compared with 54.3 million sqm last year.

Trading in the shares of Evergrande and its listed subsidiaries was halted in Hong Kong on April 1.

Editor: Futura Costaglione