A general view shows the Evergrande Center building in Shanghai
A general view shows the Evergrande Center building in Shanghai. HECTOR RETAMAL/Getty Images

A debt package worth RMB103 million ($14.3 million), built almost entirely from unpaid bills owed by Evergrande's collapsed electric-vehicle business, sold on the Alibaba Assets auction platform on Wednesday for RMB144,100 — a little over 0.14% of its face value.

The winning bidder, listed only by the buyer code "C6306," took the debt package after multiple rounds of bidding that started from an opening price of just RMB99, according to a report by Red Star Capital Bureau.

The package's largest single component is RMB82.73 million in unpaid receivables owed by the Hengchi New Energy Vehicle Research Institute (Shanghai), part of the Hengchi EV brand under China Evergrande New Energy Vehicle Group, whose Hong Kong-listed shares (0708.HK) have been suspended from trading since April 2025. A further RMB963,900 is owed by Hengchi's vehicle sales arm; the rest of the package is unrelated receivables and loans bundled in by the seller.

Two more Evergrande-linked debt packages closed the same day at similarly steep discounts: a RMB102 million package sold for RMB65,700, and a RMB121 million package sold for RMB68,900. Combined, the three lots recovered roughly RMB278,700 against RMB326 million in face value.

The lots are part of a larger batch of at least 12 Evergrande-linked debt packages, worth more than RMB270 million in total, that auction houses including Beijing Hongyuanhuipai Auction began listing on Alibaba Assets in August, with staggered closing dates running into late September. A manager at Hongyuanhuipai, surnamed Wang, told Red Star Capital Bureau the packages are unlitigated commercial debts rather than court-ordered judicial sales, and that the auction house was not able to disclose who commissioned the sales.

Wang also cautioned that buyers of this kind of debt have only "some probability" of ever recovering money from the underlying obligors, given Evergrande's ongoing collapse — a caveat that applies to all three packages sold this week.

The debts trace back to a group that no longer has a straightforward public listing to check. China Evergrande Group's own Hong Kong-listed shares, once traded under stock code 3333, were formally delisted by the exchange in August 2025 after trading remained suspended for more than a year and the company missed the exchange's resumption deadline. The parent company remains in liquidation, with Alvarez & Marsal serving as court-appointed liquidators. Its EV unit, 0708.HK, has stayed listed but untraded since last spring, as some of its own subsidiaries have separately been pushed into bankruptcy proceedings by Chinese courts.

With most of the 12-lot batch still working through its auction schedule over the coming weeks, the results so far suggest the market's going rate for Evergrande's unlitigated receivables sits somewhere well under half a percent of face value.