Concerns about China's fragile property market have deepened this month, as the country's largest private real estate developer Country Garden missed coupon payments, flagged a loss of up to $7.6 billion for the first half, and sought to delay payment on a maturing bond. The NWTN investment, pending regulatory approvals and completion of the debt conversion package, will also give the Dubai firm the right to nominate a majority of Evergrande NEV's board. NWTN, listed in the U.S. market, is working on several EVs but has yet to begin mass production, according to its 2022 annual report published in May. The company has been preparing a manufacturing base in the eastern Chinese city of Jinhua and an assembly facility in Abu Dhabi. After the deal is completed, China Evergrande's stake in the unit will be diluted to 46.86% and the automaker would cease to be a non-wholly owned unit of Evergrande.