Evergrand’s online arm is reportedly considering an initial public offering in the US before the end of the year. Evergrand’s home and car sales platform, FCB Group, could put on a stellar stock market debut in America, considering that its online portal alone is worth around $20b.
Evergrande was one of the first Chinese companies in the real estate sphere to turn to online home-selling once Covid-19 hit. Their FCB platform has over 21 million property agents and moves as much as 1.2 trillion yuan every year.
It looks like the deal is still in early stages, but FCB has reportedly reached out to different potential investors for the classic pre-IPO funding round. Besides, Evergrande needs to make sure it’s following Chinese regulation by bringing its debt down, so this IPO would give it a much-needed financial boost.